Apt. Building Boom Drives Recovery In Commercial Construction via CoStar Group

A host of new data and leading indicators show that commercial and residential construction is gaining significant strength in most regions of the U.S., led almost entirely by a surge in development activity in the multifamily and single-family housing markets.

In more evidence that the single-family housing recovery is strengthening, U.S. builders in October started construction on the most homes and apartments since July 2008, according to Commerce Department numbers. Apartment construction, more volatile from month to month than single-family building, rose 10% in October to an annual rate of 285,000.

Building permit applications, an indicator of future construction, fell 2.7% to 866,000 after jumping 12% in September to a four-year high. But applications to build single-family homes still rose to their highest level in more than four years.

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