U.S. housing starts surged by 15.0% to 872,000 units in September. It was much stronger than the 770,000 expected by consensus and comes after the prior month was upwardly revised to a 758,000 unit rate (was 750,000 units). Both components were stronger. Single-family starts jumped by 11.0% over August, while multi-family starts surged by 25.1% month-over-month in September. Building permits also bounced by 11.6% month-over-month to 894,000 units in September. That indicates the strong construction readings will continue for a few more months, another good sign for housing. Overall, a strong report that will likely provide upside pressure to both equities and bond yields today.
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