In Sign of Improving U.S. Housing Sector, Building Permits Hit 5-Year High
"[Residential] Building permits in October were up 6.2% from the month before, reaching 1,034,000, government figures show. That's up 13.9% from October of last year." According to Ricardo Lopes, "the building permits data are a good barometer of the overall state of residential construction, which has been strong over the past year."
The Commerce Department's data also indicates the growing strength of the multi-family market. "Single-family home permits slowed to 620,000, the report said. Meanwhile, multi-family housing permits jumped 15.3% in October from the month before, reaching 414,000."