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US housing starts beat estimates, but permits down in Dec

by ChemOrbis Editorial Team - content@chemorbis.com
  • 21/01/2015 (11:05)
US housing starts beat estimates in December while building permits declined, according to data released by the US Commerce Department. New housing starts rose 4.4% to an annual rate of 1.09 million in December compared with a rate of 1.04 million units in November. Economists’ forecasts called for 1.04 million units according to a survey conducted by Bloomberg. For the whole 2014, the country’s new housing starts reached 1.01 million houses to post the highest level in more than seven years.

The increase was attributed to a surge in construction of single-family houses which grew by 7.2% to reach 728,000 units, the highest figure seen since March 2008. Construction of multi-family houses, on the other hand, fell 0.8% to an annualized pace of 361,000 units.

Building permits in the US, meanwhile, declined 1.9% to an annual rate of 1.03 million in December due to a decrease in the construction of multi-family houses. However, permits for single-family homes increased to a seven-year high in December.
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