Multifamily fuels increases in October housing starts, building permits

Nov. 17:

Housing starts were up 1.9% in October, led by a 4.9% increase in multifamily starts and a 0.2% rise in single-family starts.

Building permits rose 1.1% last month. There was a 2.2% increase in multifamily permits, a 0.5% uptick in single-family permits and a 2.0% increase in permits for dwellings with two to four units.

State of the market

The outlook in the bond market continues to be uncertain, with analysts divided on whether or not the rally has gone too far.

This morning, the Dow traded down and Treasury yields were mixed relative to Thursday morning.

Economic calendar

Monday, Nov. 20

• Leading Indicators

Tuesday, Nov. 21

• Existing Home Sales
• The Federal Reserve publishes minutes from the Federal Open Market Committee meeting that concluded Nov. 1.

Wednesday, Nov. 22

• Advance Durable Goods
• Weekly Initial Jobless Claims
• University of Michigan Consumer Sentiment

Friday, Nov. 24

• S&P Global Flash U.S. Composite PMI

Treasury calendar

Monday, Nov. 20

• $16 billion auction of 20-year Treasury bonds

Tuesday, Nov. 21

• $15 billion auction of 10-year Treasury Inflation-Protected Securities
• $26 billion auction of two-year Floating Rate Notes

By Mike Kraft, Executive Director and Commercial Real Estate Treasurer for Commercial Banking