Housing Starts Fall but Permits Surge Higher

Washington, DC, Nov. 19, 2014 -- Housing starts declined in October but the number of building permits rose, according to the U.S. Census Bureau.

The government said housing starts fell 2.8% in October from September to an annualized pace of 1.009 million, mostly on a decline in multifamily housing. However, it was a 7.8% increase the same month a year ago.

Starts of single-family houses rose 4.2% to a 696,000 annualized rate last month, the most since November 2013.

The September rate was also revised up to 1.038 million.

Building permits, meanwhile, jumped 4.8% in October from September to an annualized pace of 1.08 million. That was 1.2% ahead of last year.