U.S. Housing Starts Jump Amid Flight to Suburban Homes

U.S. Housing Starts Jump Amid Flight to Suburban Homes

Construction started on new home in the U.S. in October at a faster pace than expected, with a sharp rise in single-family homebuilding.

Residential starts increased 4.9 to a 1.53 million annualized rate from a month earlier, according to a government report released Wednesday. The median forecast in an Econoday survey of economists called for a 1.46 million pace. Applications to build, a proxy for future construction, held steady at a 1.54 million rate, slightly below forecasts.

Single-family home construction jumped 6.4 percent to an annualized rate of 1.179 million.

Total home starts were 14.2 percent higher than a year ago. Single-family home starts are up 29.4 percent compared with last October.

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September’s starts figure was revised up from 1.415 million to 1.459 million.

Construction on projects with five or more units fell 3.2 percent in October and is down 19.9 percent from a year ago, a reflection of the

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