new houses

Construction on new houses surged nearly 26% in October to the highest level in nine years, helped by a spike in multifamily buildings. Housing starts climbed to an annual rate of 1.32 million from a revised 1.05 million in September, the government said Thursday. That was much stronger than the seasonally adjusted 1.17 million forecast of economists polled by MarketWatch.

Housing starts see greatest leap in nearly a decade