Home construction up 4.9% in October to 1.53 million

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House under construction (Photo: Pixabay)

CHARLOTTE, NC (AP) — Home construction rose 4.9% in October as home building remains as one of the bright spots of the economy.

The increase pushed home construction to a seasonally adjusted annual rate of 1.53 million homes and apartments and followed a more modest gain of 1.9% in September.

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Building permits, a good barometer of future activity, remained at a seasonally adjusted rate of 1.55 million annualized units, effectively unchanged from September.

The figure remains up 2.8% from a year earlier, showing how strong the housing market was over the summer despite the pandemic.