New data from the Commerce Department reveals that more than 1 million residential building permits were issued last month. Though construction activity has reached a 5-year high, economists caution that other data indicates rates are slowing.
"[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."
FULL STORY: U.S. residential building permits reach 1 million, a 5-year high
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