Dive Brief:
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Construction started on more single-family homes in October than during any month since last November, the Census Bureau and the U.S. Department of Housing and Urban Development reported on Wednesday.
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Still, because multifamily groundbreakings declined last month, the number of overall housing starts dipped by 2.8%, a stark reversal from September, when multifamily construction ballooned by 18.5% after a weak showing in August. Single-family housing starts increased 4.2% in October.
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National Association of Home Builders Chairman Kevin Kelly called the numbers positive. “The rise in single-family starts is more proof that the economy is firming and consumer confidence is growing,” he said in a press release. “We expect continued upward momentum into next year.”
Dive Insight:
Progress in the single-family sector—after a lukewarm performance in September—could be an indication that homebuilding will be a contributor to economic growth as a whole by the end of the year. And the study’s finding that permits for single- and multi-family housing jumped 4.8% in October could be a predictor of healthy home sales in the coming months.