Skip to content
Subscriber Only

Building Permits in U.S. Jump to Five-Year High

Building permits climbed in October to the highest level in more than five years, signaling the U.S. residential real-estate market will strengthen in 2014.

Applications for new construction rose 6.2 percent to a 1.03 million annualized rate, beating all forecasts in a Bloomberg survey of economists and the highest since June 2008, according to Commerce Department figures issued today in Washington. Other data showed property values last quarter increased by the most in more than seven years.