CHARLOTTE, N.C. (AP) — Home construction rose 4.9% in October as home building remains as one of the bright spots of the economy.
The increase pushed home construction to a seasonally adjusted annual rate of 1.53 million homes and apartments and followed a more modest gain of 1.9% in September.
Building permits, a good barometer of future activity, remained at a seasonally adjusted rate of 1.55 million annualized units, effectively unchanged from September.
The figure remains up 2.8% from a year earlier, showing how strong the housing market was over the summer despite the pandemic.
“Strong demand, low inventory, and record levels of homebuilder confidence continue to support new home construction,” wrote Nancy Vanden Houten, an economist with Oxford Economics.
Several reports over the last two months have shown the housing market cooling off after a tremendous summer, but that is not surprising. The fall and winter are typically slow times for home buying and home construction, mostly due to the weather.
- Posted November 20, 2020
- Tweet This | Share on Facebook
Home construction up 4.9% in October to 1.53 million
headlines Oakland County
- Meet the Judges
- Owner of twice-sunken Lake Michigan barge pleads guilty to felony
- Justice Dept. reaches civil settlement with victims abused by Lawrence Nassar
- Oakland County, Oakland Livingston Human Services Agency launch Oakland County Senior Chore Pilot Program
- U.S. Immigration Court judge to be keynote speaker at law school’s Law Day virtual celebration
headlines National
- New Legalese: You may have heard a deepfake, but what about ‘Twiqbal’?
- From Intake to Outcome: An in-house lawyer’s guide to matter management solutions
- 2 BigLaw firms in merger talks that could produce 1,600-lawyer firm with top 50 revenue
- Send in the paralegals
- Lawyer reprimanded after mistakenly emailing opposing counsel with plan to avoid judge’s call
- ‘I don’t play well’ judge who threatened to track down, jail misbehaving litigant gets tossed from case