Steel Markets
November 17, 2016
Housing Starts Rocket in October led by Multifamily Structures
Written by Sandy Williams
Housing starts jumped 25.5 percent in October from September to a seasonally adjusted annual rate of 1,323,000. Starts of multifamily structures of 5 units or more leapt 74.5 percent from the previous month for a rate of 445,000 and were up 28.2 percent year over year. Single family housing starts grew 10.7 percent from September and were up 21.7 percent year over year to a rate of 869,000 units.
Housing starts were especially strong in the Northeast and Midwest with each posting month over month gains of over 44 percent. The West followed with a gain of 23.2 percent and the South gaining 17.9 percent.
