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Census Bureau reported Wednesday . Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.545 million in October, unchanged from September. Economists polled by MarketWatch had expected housing starts to occur at a pace of 1.49 million and building permits to come in at a pace of 1.57 million. What happened: The upsurge in housing starts was driven by a 6.4% rise in single-family starts, as multifamily construction activity dipped once again, this time by 3.2%. All click for info regions except the Northeast experienced an increase in housing starts despite rising coronavirus cases across many parts of the country, led by the 12.9% increase in the South. Permitting rose slightly in the South, West and Midwest, but fell markedly in the Northeast. The big picture: The housing starts report follows yesterday’s release of the November home builder confidence index from the National Association of Home Builders. The index inched higher for the fourth consecutive month, demonstrating the upbeat outlook in the construction industry. Indeed, virtually every home builder is seeing rising sales as Americans look to leave urban areas for larger homes in the suburbs only to find very few existing homes up for sale.

https://www.marketwatch.com/story/new-home-construction-surges-to-post-great-recession-high-in-october-driven-by-rise-in-single-family-starts-2020-11-18

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