Residential construction numbers were mixed in October.
The U.S. Census Bureau and Department of Housing and Urban Development report
an increase in construction permits but a small decline in construction starts.
Overall, however, both single-family and multi-family production are running
well ahead of their 2020 results. Permits for residential construction were issued at a
seasonally adjusted annual rate of 1.650 million compared to 1.586 million in September,
an increase of 4.0 percent. The September rate was a slight downward adjustment
from the 1.589 million units originally reported. The October permit rate was
3.4 percent above the pace in October 2020.