WASHINGTON - Home builders ramped up the pace of housing starts to a seasonally adjusted annual rate of 1.96 million units in October, the U.S. Department of Commerce reported. This was 2.9 percent above September's upwardly revised estimate of 1.905 million units, and it eclipsed the October 2002 rate of 1.653 million units by 18.6 percent.
In addition, issuance of building permits for October increased 5.2 percent over September to a seasonably adjusted rate of 1.973 million units, which is 8.8 percent higher than a year ago.