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Tuesday, August 9, 2022
HomeNewsEconomyPermits For News Housing Starts Rise In September

Permits For News Housing Starts Rise In September

new housing starts

(Photo: REUTERS)

Permits for new housing starts in the U.S. rose in September, a positive signal the floundering housing market is showing growing strength in the economy.

Groundbreaking rose 6.3 percent to an annual 1.02 million-unit pace, while economists polled by Reuters had forecast a slightly smaller gain.

Housing is trying to make a comeback after it imploded during the 2007-2009 financial crisis and recession, but has been lacking the ability to suffer any rise interest rate rises. It suffered a setback last year when interest rates spiked, but rates have been falling lately.

The average 30-year mortgage rate dropped last week to its lowest level since June 2013, and the level of housing starts is not far from a seven-year high.

New housing starts for single-family homes, the largest part of the market, rose 1.1 percent in September, while the more volatile multi-family homes segment jumped 16.7 percent.

Permits advanced 1.5 percent to a 1.02 million-unit pace last month.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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