U.S. Housing Starts Rise as Apartment Groundbreaking Gains

U.S. new-home construction picked up in October on a rebound in apartments and other multifamily housing, offering some hope that the market is stabilizing despite rising prices and borrowing costs.

Residential starts increased 1.5 percent to an annualized rate of 1.23 million from the prior month’s upwardly revised 1.21 million, government figures showed Tuesday. While that matched the median estimate of economists, single-family home starts fell for a second month. Permits, an indication of future construction, fell 0.6 percent to a 1.26 million rate, also in line with projections.