U.S. housing starts, building permits soar

WASHINGTON ― U.S. homebuilding was on the rebound in October, with housing starts on the rise and permits hitting a 12-year high. Housing starts rose 3.8% to a seasonally adjusted annual rate of 1.314 million units as single-family construction increased for the fifth consecutive month. September’s estimate was revised, showing a decline to 1.266 million units instead of 1.256 million. The value of building permits rose by 3.2% to its highest level since August 2007, largely on the strength of the single-family segment.