U.S. homebuilding rebounded in October, with permits for future home construction jumping to a more than 12-year high, the Commerce Department said yesterday. The report also showed an increase in home completions and the stock of homes under construction.
Housing starts increased 3.8 percent, with single-family construction rising for a fifth straight month. On a year-over-year basis, housing starts advanced 8.5 percent in October.
Building permits surged 5.0 percent to a rate of 1.461 million units in October, the highest levels for that category since May 2007. Permits were driven by the single-family housing segment, which increased 3.2 percent to reach their highest level since August 2007.
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