U.S. residential building permits reach 1 million, a 5-year high

The Commerce Department said that the number of residential building permits issued in October hit a five year high at one million issued. This is up 6.2% from the month before and 13.9% from October of 2012, and it's said that this is a good way to show that residential construction has been stronger in this past year. It does seem to be mostly in multi-family housing, as single-family building permits slowed to 620,000 while multi-family permits reached 414,000 which was a 15.3% increase in October.
Though the numbers look good for October, economists do believe that construction may begin to slow.

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POSTED November 27 2013 12:51 PM

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