The National Association of Home Builders (NAHB) reports the issuance of new building permits rose 6.2 percent in Oct. to a seasonally adjusted annual rate of 1,034 million units, an increase over Sept.’s 5.2 percent rise to 974,000 units. Of this, multifamily rose 15.3 percent to 414,000 units, while on the single-family side the increase was 0.8 percent to 620,000 units. NAHB senior economist Robert Denk said, “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. But consumer and builder confidence could be seriously undermined unless policymakers make progress over looming budget, tax and economic policy issues in the weeks and months ahead.” As MHProNews understands, census figures concerning housing starts in Sept. and Oct. have been delayed until Dec. 18 due to the government shutdown.
(Photo credit: Sue Orgocki/Associated Press)