Home construction up 4.9% in October

U.S. housing construction posted an increase in October, according to the Commerce Department. PHOTO CREDIT: Gerry Broome

CHARLOTTE, N.C. — The number of newly issued permits to build fresh housing remained steady in October.

Housing starts rose 4.9%, and are up 14% higher than a year ago, the Commerce Department reported today, to an annualized rate of 1.53 million.

Building permits remained at a seasonally adjusted rate of 1.55 million annualized units, effectively unchanged from September. The figure remains up 2.8% from a year earlier, showing how strong the housing market did over the summer despite the pandemic.