Housing starts in October were at a seasonally adjusted annual rate of 1.32 million units, an increase of 25.5 percent compared with September’s rate of 1.05 million units and 23.3 percent increase compared with October 2015’s rate of 1.07 million, according to the U.S. Census Bureau.
Single-family starts grew 10.7 percent in October to a seasonally adjusted annual rate of 869,000 units, compared with 742,000 units in September. Multifamily starts in October were at a rate of 445,000, an increase of 68.8 percent compared with September’s rate.
Total starts in the Northeast, Midwest, South and West rose 44.8 percent, 44.1 percent, 17.9 percent and 23.2 percent in October, respectively.
"Multifamily production bounced back after an unusually weak reading last month while single-family starts exhibited unusually strong growth as well," said NAHB Chief Economist Robert Dietz in a statement. "Though October's single- and multifamily production rates are clearly unsustainable, we expect continued growth in the housing sector in the months ahead."
