Housing starts increased 3.8% in October to a seasonally adjusted annual rate of 1.31 million, the U.S. Census Bureau reports.
The rate is 8.5% above October 2018 rate.
“Solid wage growth, healthy employment gains and an increase in household formations are also contributing to the steady rise in home production,” National Association of Home Builders Chief Economist Robert Dietz said in a statement.
Regionally, October housing starts in the South increased 6.8% year-over-year. Housing starts declined year-over-year in the Northeast, Midwest and West by 0.5%, 7.4% and 10.3%, respectively.
Building permits grew by 5.0% in October (14.1% above October 2018), and housing completions increased 10.3% (12.4% above October 2018).
The full Census Bureau report can be found here.
