WASHINGTON, Nov. 17 (UPI) -- The U.S. Commerce Department said Wednesday housing starts rebounded sharply during October, rising to the highest level of the year.
But, building permits, an indicator of future activity, eased.
Commerce said housing starts increased 6.4 percent to a seasonally adjusted 2.027 million annual rate. It was the highest level since December 2003's 2.067 million.
The Commerce Department said September starts sank 5.6 percent to 1.905 million -- a level that was raised from the originally estimated 6 percent drop to 1.898 million.
Wall Street economists had expected October housing starts to climb by 3.9 percent to a 1.972 million annual rate.
The report showed building permits declined 0.7 percent to a 1.984 million annual rate. The number was slightly off analyst estimates of 2 million. Permits climbed 1.5 percent in September to 1.998 million -- revised down from a previously reported 1.8 percent rise to 2.005 million.
Single-family housing starts climbed 5.7 percent in October to 1.645 million. Multi- family starts -- that is, apartment building construction -- were up by 7 percent.
Regionally, housing starts increased 20 percent in the Northeast, 8.6 percent in the Midwest, 4 percent in the South, and 5 percent in the West.
