IE Business Daily Business news for the Inland Empire.
National housing starts topped one million in September, the third time this year that housing production has exceeded that number.
Total housing starts rose 17.8 percent last month year-over-year, to a seasonally adjusted annual rate of 1,017,000 units, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
“September’s uptick reveals that [August’s] dip in production was more of an anomaly than a market reversal,” said David Crowe, chief of economist with the National Association of Homebuilders, which issued a statement on the data after it was released Friday. “I expect we will see a continued recovery as job creation grows and consumers gain more confidence in the housing market.”
Housing starts posted solid gains in all four regions of the country: up 5.3 percent in the Northeast, 3.5 percent in the Midwest, 4.2 percent in the South and 13.9 percent in the West, according to the data.
