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Housing starts in the US spike by 25.5% in October 2016

According the US Department of Housing and Urban Development and the Commerce Department, led by impressive gains in both single-family and multifamily production, nationwide US housing starts surged 25.5% in October 2016 to a seasonally adjusted annual rate of 1.32m units.

Single-family starts reached their highest level since October 2007 while multifamily production jumped 68.8% from the previous month.

“These robust figures correlate with strong builder optimism in the housing market,” said Ed Brady, chairman of the National Association of Home Builders (NAHB), adding, “a firming job market, a growing economy and rising household formations will keep the housing recovery on track into next year.”

Total housing starts posted double-digit gains in all four regions in October. The Northeast, Midwest, South and West increased 44.8%, 44.1%, 17.9% and 23.2%, respectively.

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