Housing Starts Up 3.6% in October
Nov 26, 2012
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Nationwide housing production in the United States was up 3.6% in October 2012 to a seasonally adjusted annual rate of 894,000 units, according to U.S. Commerce Department data. The measure puts new-home construction at its fastest pace since July of 2008 - despite storm-related declines in the Northeast and South.

October 2012 single-family housing starts were nearly unchanged at 594,000 units. Multifamily saw a gain of 11.9% to 300,000 units, putting it at its fastest pace since July 2008.

"Today's report bears out similar changes in other economic indicators that housing continues to recover at a slow but steady place, and is right in line with our expectations of modest month-to-month growth," said NAHB Chief Economist David Crowe.

* Northeast: Hurricane Sandy forced a decline of 6.5% in housing starts
* South: Sandy caused a decline of 2.5%
* West: overall housing starts were up 17.2%
* Midwest: up 8.9%

Permit issuance - often an indication of building activity in the near future - were down 10.6% in multifamily units in October, but came after an unusually strong September, at 304,000 units. Single-family home permits rose 2.2% to 562,000 units.

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