Housing Permits Surge to Postrecession High

More new home construction may finally be coming. Housing permits, a gauge for future construction, climbed 5% in October, reaching the fastest rate of building permit authorizations since 2007, the U.S. Commerce Department reported Tuesday. Broken out, single-family permits increased 3.2% to a rate of 909,000, while multifamily permits rose 8.2% to a rate of 552,000. Permits rose in every region of the country last month and are 14.1% higher than a year ago.
Lawrence Yun, chief economist of the National Association of REALTORS®, called the boost in housing permits “tremendously good news for the housing sector.”
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