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US housing starts, building permits top estimates in April

by ChemOrbis Editorial Team - content@chemorbis.com
  • 20/05/2015 (13:58)
US housing starts and building permits increased in April, according to data released by the US Commerce Department. New housing starts surged 20.2% to an annual pace of 1.14 million units in April to post the highest level in more than seven years. The country’s April housing starts also beat economists’ initial estimates which called for 1.02 million units in a survey by Bloomberg.

The increase was attributed to higher demand stemming from an improving labor market and mortgage costs as well as better weather conditions.

The data showed that construction of single-family houses rose 16.7% to 733,000 units, posting the highest pace since January 2008 while housing starts for multi-family houses climbed 27.2% to an annual pace of 402,000 in April.

Meanwhile, building permits rose to 1.14 million units in April compared with economists’ initial estimates which called for an annual pace of 1.06 million units.
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