The numbers: Construction of new homes rose 1.9% in October, as builders amped up new projects.
The pace of construction increased as builders saw a pressing need for more housing units as the resale market continues to deal with a shortage.
So-called housing starts rose to 1.37 million annual pace from 1.35 million in October, the government said Friday. That’s how many houses would be built over an entire year if construction took place at the same rate in every month as it did in October.
The data exceeded expectations on Wall Street, where the expected rate was 1.35 million. The numbers are seasonally adjusted.
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