Economics
U.S. Housing Starts Increased More Than Forecast in October
- New construction rose 4.9% to a 1.53 million annualized rate
- Record-low mortgage rates are helping to underpin demand
Photographer: George Frey/Bloomberg
This article is for subscribers only.
U.S. new home construction rose in October by more than forecast to the fastest pace since February, highlighting a robust residential real estate market that’s helping spur the economy.
Residential starts increased 4.9% to a 1.53 million annualized rate from an upwardly revised 1.46 million a month earlier, according to a government report released Wednesday. The median forecast in a Bloomberg survey of economists called for a 1.46 million pace.