US Oct housing starts hit 9-year high

According to data from the US Commerce Department, US housing starts reached their highest level in October since August 2007, following the lowest level of 18 months in September.

Data from US Census Bureau and the Department of Housing and Urban Development reveals that privately owned housing starts reached 1,323,000 units with an increase of 25% when compared to 1,054,000 units registered in September. This was also up 23% from 1,073,000 units of the same period of last year.

The total housing starts in the first ten months of 2016 reached 11,691,000 units with an increase of 6% when compared to the same period of 2015. This was also the highest level seen since January-October 2007, the data showed.

Building permits in October also rose 0.3% from September and 4.6% from the same month of 2015.