Building Permits Up Thanks to Strong Multifamily Unit Construction
According to data released by the U.S. Census Bureau, building permits were up in October of this year. There was a 6.2% rise in issuance in that month, which brings permits up to a 1.034 million seasonally adjusted rate. There was a 15.3% rise in permit issuance for multifamily units and a 0.8% growth for single-family units. This is a continuing trend with September showing a 5.2% increase in permits issued.
The senior economist for the National Association of Home Builders, Robert Denk, noted, “Permits are often a harbinger of future housing activity and the strong showing in the multifamily sector along with stable numbers on the single-family side bode well for a continuing, gradual upturn in housing over the coming months,”
>>>Full Story Here