In the News – Housing Starts in U.S. Surged to a Nine-Year High in October

U.S. new-home construction jumped to a nine-year high in October as an outsized advance in the number of apartment projects accompanied a strong pickup for single-family housing.

Residential starts surged 25.5 percent to a 1.32 million annualized rate, the fastest since August 2007 and exceeding the highest projection in a Bloomberg survey, a Commerce Department report showed Thursday. The increase from September was the biggest since July 1982. Multifamily-home building was up a whopping 68.8 percent. The figures indicate the housing market was making greater progress a month before a jump in mortgage rates. While increased hiring and healthier finances have been driving demand, a sustained pickup in borrowing costs threatens to discourage first-time buyers and become a hurdle for the industry.

Read the full article at Builder and Developer