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U.S. Home Starts Reach Highest Level in a Year, Permits Rise

A worker hammers a piece of lumber to a wall frame on a home under construction at the M/I Homes Inc. Bougainvillea Place housing development in Ellenton, Florida.

A worker hammers a piece of lumber to a wall frame on a home under construction at the M/I Homes Inc. Bougainvillea Place housing development in Ellenton, Florida.

Photographer: Ty Wright/Bloomberg
Updated on

U.S. new-home construction rebounded in October to the fastest pace in a year, partly reflecting recovery efforts in the hurricane-stricken South, government figures showed Friday. A pickup in permit applications for one- family dwellings indicates building will remain firm in coming months.

The report showed building permits for single-family homes improved in October to an 839,000 annualized pace, the fastest since September 2007. Construction spending, which subtracted from gross domestic product in the second and third quarters, may add to U.S. economic growth in the final three months of 2017 on the heels of rebuilding efforts.