Building permits surge, with multifamily showing strongest growth

Local authorities issued building permits for new housing units at a seasonally adjusted annual rate of 1.034 million per year during October, up 6.2 percent from September and 13.9 percent from a year ago.

Most of the increase was due to “the volatile multifamily sector,” Calculated Risk’s Bill McBride observed. Permits to build single-family homes were up a more modest 0.8 percent from September to October, to a seasonally adjusted rate of 620,000 per year, an 8.8 percent increase from a year ago. Source: