Today brought another report from the housing sector and the news is good. Housing Starts rose by 3.6% to 894,000 in October, and September was revised slightly higher to 15.1% from 15.0%. Bloomberg was calling for 836,000 starts for October and the range was 780,000 to 873,000. Dow Jones was calling for 833,000.
Today's report from the Commerce Department is yet another reading that confirms that the housing market recovery remains underway. This was the highest reading since July of 2008.
It is important to show that single-family housing fell 0.2% to 594,000 units, but that was still up over 35% from a year ago.
A housing start is registered at the start of construction of a new building that is intended to be a residential building, and it is defined as the beginning of excavation of the foundation for the building. The hurricane had very small impact because it only affected a small region at the very end of the month. These figures are seasonally adjusted.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Economy, Housing