US Housing Permits Rise to 5 Year High

Permits for future U.S. home construction rose to their highest level in nearly 5-1/2 years in October, suggesting the housing market recovery remained intact despite recent signs of slowing down.

The Commerce Department said on Tuesday building permits jumped 6.2 percent to a seasonally adjusted annual rate of 1.03 million units. That was the highest rate since June 2008. Permits increased 5.2 percent in September.

August’s permits were revised to a 926,000-unit pace from the previously reported 918,000 units.

Permits, which lead housing starts by at least a month, were up 13.9 percent from a year ago.

The department postponed the release of figures on housing starts and completions for September and October until December 18 because the collection of data was affected by a 16-day shutdown of the government last month.

November data also will be published at that time.

via Reuters

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