New US Home Construction Increased Unexpectedly in October
- October new home construction rose 1.9% to 1.37 million rate
- Permits for single-family housing highest in more than a year
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New US home construction unexpectedly picked up in October, indicating builders continue to benefit from a limited supply in the resale market.
Residential starts increased 1.9% last month to a 1.37 million annualized rate, the highest in three months, government data showed Friday. Construction of single-family houses edged up 0.2%, also to the highest level since July.