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Housing starts jumped 25.5% in October to the highest level since President George HW Bush said “This aggression will not stand.”
Or should I say “This aggression will not stand, man.”
1 unit housing starts are finally back to 1991 levels, before the start of the now infamous housing bubble.
But it is the multifamily housing starts that really surged as in 74.51%, recovering from the large decline the previous month. Multifamily starts are back to the days of President Ronald Reagan. Wage growth since The Great Recession has been the lowest since 1965 at 2.4%, which explains why multifamily is so popular these days.
Housing starts are up in all regions of the country, but highest in the Northeast and Midwest.
So, 1 unit (detached) housing starts have finally clawed their way back to President George HW Bush days and the First Iraqi War.