New Construction, Single Family Home Starts
November 17, 2017
New construction on homes surged to a one-year high in October due in part to disruptions in September caused by Hurricanes Harvey and Irma. The Commerce Department reported that Housing Starts surged to an annual rate of 1.29 million units, up 13.7% from September versus the 1.198 million expected. However, starts were down nearly 3% from a year ago.
Single-family Housing Starts, which account for the largest share of the housing market, rose 5.3%. Total Housing Starts rose in the Midwest and South while the Northeast and West saw losses. Starts on multi-family dwellings of five or more units rose a whopping 37.4% from September to October. Building Permits, a sign of future construction, rose 5.9% to an annual rate of 1.297 million.