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US housing starts dip to 7-month low, but permits rise in Oct

by ChemOrbis Editorial Team -
  • 18/11/2015 (17:37)
According to data from the US Commerce Department, US housing starts declined 11% on the month to a seven month low of 1.06 million units due to lower starts for single-family houses. The October rate also fell below economists’ expectations, which called for a pace of 1.16 million units in a survey conducted by Reuters.

The data showed that construction of single-family houses fell 2.4% to an annualized pace of 722,000 units while housing starts for volatile multi-family houses plunged 25.1% to an annual pace of 338,000 units in October. Starts for single-family houses declined 6.9% in the South while they rose in the Northeast, the Midwest and the West.

Meanwhile, September building permits, an indicator of future construction, rose 4.1% to a pace of 1.15 million units, posting the highest levels seen since December 2007. Permits for single-family houses also reached their highest levels since December 2007. Permits for multi-family houses, meanwhile, climbed 6.8% in October.
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