Residential building, at $209.5 billion (annual rate), increased 3 percent in October. Single-family housing grew 2 percent, rebounding after slipping 2 percent in September. The dollar amount for single family housing in October was up 12 percent from the start of the year, as this category returned to the gradual yet steady upward trend that’s been present for most of 2013.
By geography, single family housing in October was led by gains in the Northeast (up 8 percent) and the West (up 5 percent), while activity was basically flat in the South Atlantic and the South Central, and activity in the Midwest was down 2 percent. Multifamily housing in October climbed 6 percent, making a partial rebound after sliding 14 percent in September.
Large multifamily projects that contributed to the October gain were a $268 million condominium hotel in Honolulu, a $162 million apartment building in Boston, and an $84 million apartment building in Mineola, N.Y.