Number of the Day Shows Home Construction Boom

Our take on the most relevant or interesting figure in personal finance today

Number of the Day

That’s how many years it’s been since monthly single-family housing starts were as high as they were in October.

The annualized seasonally adjusted rate for single-family housing starts was 1.18 million in October—the highest for any month since April 2007 and 6.4% higher than in September, data from the U.S. Census Bureau and Department of Housing and Urban Development showed Wednesday. 

October marks the sixth consecutive increase for housing starts. Builders are breaking ground on more homes amid “an ongoing quest for space,” Mark Vitner, senior economist at Wells Fargo Securities, wrote in a commentary. Builder confidence is at record high levels as demand for homes outstrips supply.

If you’re considering a move, make sure to compare the costs of building versus buying.