Construction Of New Homes In The US Increased More In October

The US Department of Commerce reported, construction of new homes in the US increased more in October than analysts had expected, while the number of building permits stagnated. According to the latest data from the ministry, the construction of new homes in the USA increased by 4.9 percent in October to a seasonally adjusted annual rate of 1.530 million. To illustrate, construction rose 6.3 percent in September to a revised rate of 1.459 million homes. At the same time, economists estimated that the construction of new homes will increase by 3.2 percent in October to 1.460 million from the original 1.415 million homes in September before the revision. The number of new residential properties in October reached its highest level since February, when 1.567 million homes were built in the USA. The Department of Commerce also reported that the total number of new building permits issued in the United States reached 1.545 million in October, virtually unchanged from the revised rate recorded in September. However, economists expected building permits, an indicator of future demand for housing, to rise 0.5 percent to 1.560 million in October.