Housing starts surged in September according to the US Commerce Department. The 10.2% increase is the highest since April of 2010. Interestingly enough, according to the report the demand for rental property is fueling the building industry. Fifty three percent of new housing starts are buildings with five or more units. This statistic may be a reflection of younger buyers shying away from the depressed single family housing market.
And speaking of the single family market...single family housing starts rose 1.7%. Of course, even this modest increase is welcome news in this market. The increases differ regionally with the major increase in housing starts are in the West.
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