Building permits for privately owned housing units were at an adjusted annual rate of 1,034,000 in October, 6.2 percent above September's rate of 974,000, according to the U.S. Department of Commerce.
Permits for single-family homes were at a rate of 620,000. This is 0.8 percent above September and 8.8 percent above October 2012. For multifamily housing with five units or more, permits were at a rate of 387,000, a 16.9 percent increase from September and a 24.0 percent increase from October 2012.
Due to the federal shutdown in October, the DOC does not have data for housing starts or housing completions during October. The DOC said it will release start and completion data for September, October and November 2013 on Dec. 18.
"Permits are often a harbinger of future housing activity and the strong showing in the multifamily sector along with stable numbers on the single-family side bode well for a continuing, gradual upturn in housing over the coming months," said NAHB senior economist Robert Denk in a statement. "But consumer and builder confidence could be seriously undermined unless policymakers make progress over looming budget, tax and economic policy issues in the weeks and months ahead."
