There’s more good news on the housing front.
A new report from the Commerce Department says that U.S. homebuilding rebounded in October and permits for future home construction jumped to a more than 12-year high.
Housing starts increased 3.8% to a seasonally adjusted annual rate of 1.314 million units last month with single-family construction rising for a fifth straight month.
The uptick in housing activity is an economic outlier as other sectors of the economy such as business investment and manufacturing are cooling off.
“It is cheaper than ever to finance the cost of a new home and home builders are sitting up and taking notice assuming that if they build it, buyers will come,” said Chris Rupkey, chief economist at MUFG in New York. “There won’t be a recession if residential housing construction has anything to say about it.”
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