Housing starts in October were at a seasonally adjusted annual rate of 1.29 million, 13.7 percent higher than September’s rate of 1.14 million but 2.9 percent down from the October 2016 rate of 1.33 million, according to the U.S. Census Bureau.
October single-family starts were reported at a rate of 877,000, a 5.3 percent increase compared with September’s rate of 833,000 and less than 1 percent higher than the rate in October 2016 of 871,000.
"We are seeing solid, steady production growth that is consistent with [the National Association of Home Builder’s] forecast for continued strengthening of the single-family sector," said NAHB Chief Economist Robert Dietz in a statement. "As the job market and overall economy continue to firm, we should see demand for housing increase as we head into 2018."
Regional combined single- and multifamily starts in October compared with September rose 42.2 percent in the Northeast to 145,000; 18.4 percent in the Midwest to 212,000; and 17.2 percent in the South to 621,000. Starts dropped 3.7 percent in the West to 203,000.
