Economy

U.S. housing starts beat expectations in October

Key Points
  • U.S. homebuilding increased more than expected in October, suggesting the housing market continues to be sustained by historically low mortgage rates.
  • The housing market remains robust even as the economic recovery shows signs of strain amid a resurgence in new Covid-19 infections.
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U.S. housing starts total 1.53 million in October, vs. 1.46 million expected

U.S. homebuilding increased more than expected in October, suggesting the housing market continues to be sustained by historically low mortgage rates even as the economic recovery shows signs of strain amid a resurgence in new Covid-19 infections.

Housing starts rose 4.9% to a seasonally adjusted annual rate of 1.530 million units last month, the Commerce Department said on Wednesday. Data for September was revised up to a 1.459 million-unit pace from the previously reported 1.415 million.

Economists polled by Reuters had forecast starts increasing to a rate of 1.460 million units in September.