October Total Housing Starts Increase +3.8% Over October

Privately-owned housing starts in October were at a seasonally adjusted annual rate of 1,314,000, +3.8% above the revised September estimate of 1,266,000 and +8.5% above the October 2018 rate of 1,211,000.  According to the U.S. Census Bureau, single-family housing starts in October were at a rate of 936,000, +2% above the revised September figure of 918,000.  “Led by lower mortgage rates, the pace of single-family permits has been increasing since April, and the rate of single-family starts has grown since May,” said NAHB Chief Economist Robert Dietz, in a press release. “Solid wage growth, healthy employment gains and an increase in household formations are also contributing to the steady rise in home production.”