Housing permits decline: report

Construction permits for privately owned housing units declined 5.6 percent in September, compared with a small expected increase by private-sector forecasters, according to data released today on new residential construction by the Department of Commerce. Privately owned housing starts increased 0.3 percent in September, following a large gain in August, though analysts were expecting a modest decline. Privately owned housing completions increased 7.3 percent. “A sustained upturn in housing activity requires stronger growth in jobs and income, but home builders have made progress that will help solidify future growth in housing starts,” said Gary Locke, U.S. Commerce Secretary. “The efforts of President Obama and this administration remain tightly focused on ensuring that the jobs market continues to recover and our economy continues to grow.” TRD