Housing starts increased 4.9% in October to a seasonally adjusted annual rate of 1.53 million, the U.S. Census Bureau reports.
Housing starts are up 14.2% year-over-year.
Regionally, year-over-year housing starts fell 32.8% in the Northeast but grew 23.0% in the Midwest, 24.3% in the South and 5.4% in the West.
Building permits in October remained steady compared with September at a rate of 1.54 million but increased 2.8% compared with October 2019.
The National Association of Home Builders called the increase of single-family housing starts a continuation of a “historic rebound” that began in April following declines caused by the coronavirus pandemic.
A relatively unchanged number of single-family permits issued in October suggests housing starts will level off in the months ahead, stated NAHB Chief Economist Robert Dietz.
"Builders cite a lack of lots and decreased availability of building materials as headwinds that will limit production,” he added.
Housing completions declined 4.5% from September to a rate of 1.34 million but increased 5.4% year-over-year.
The full Census Bureau report can be found here.
