US Nov housing starts falls more than expected
by ChemOrbis Editorial Team - content@chemorbis.com
According to data from the US Commerce Department, US housing starts fell more than expected in November after seeing the highest level in October since August 2007.
Data from US Census Bureau and the Department of Housing and Urban Development reveals that privately owned housing starts stood at 1,090,000 with a decrease of 18.7% from 1,340,000 registered in October and 6.9% from 1,171,000 registered in the same period of last year. Market expectations were calling for housing starts to stand at 1,230,000 in November.
Building permits in November also dropped by 4.7% month on month and by 6.6% on a yearly basis.
The drop in housing starts in November was attributed to the increasing mortgage rates which cause house purchases to be less affordable.
Data from US Census Bureau and the Department of Housing and Urban Development reveals that privately owned housing starts stood at 1,090,000 with a decrease of 18.7% from 1,340,000 registered in October and 6.9% from 1,171,000 registered in the same period of last year. Market expectations were calling for housing starts to stand at 1,230,000 in November.
Building permits in November also dropped by 4.7% month on month and by 6.6% on a yearly basis.
The drop in housing starts in November was attributed to the increasing mortgage rates which cause house purchases to be less affordable.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Turkey shattered as PP prices shoot up to surreal levels
- Polymer markets face one of most chaotic times
- Turnaround season set to get underway in Asia
- Crude oil heals COVID-inflicted wounds; now what lies ahead?
- Global shipping turmoil deepens, adding to the upheaval in plastic resins
- China’s post-holiday polymer outlook supported by supply limitations, crude oil
- US PE exports hit record high for 2020 despite production and logistics hurdles
- African PP, PE markets firmer on continued tightness in supplies
- Lack of sales pressure supports SEA PE markets
- Will soaring prices attract PP, PE imports to Europe?
