The U.S. Dept. of Commerce is reporting that housing starts rose 6.5% from August to a seasonally adjusted annual rate of 1.21 million in September. An 18.3% surge in multifamilies led the increase. This number represents the sixth straight month that starts were above 1 million and suggests a sustainable housing recovery. Some takeaways:
- Multi-family starts rose 18.3%
- Housing starts increase 6.5% in September
- Single-family starts gain 0.3%
- While building permits fell 5%, their pace is above 1 million
In addition, the an index of home builder confidence released this week by the National Association of Home Builders rose to 64, its highest level since the same month of 2005.