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US housing starts drops, but permits rose in September

by ChemOrbis Editorial Team - content@chemorbis.com
  • 20/10/2016 (16:44)
According to data from the US Commerce Department, US housing starts decreased more than estimated on the back of a sharp decline in multifamily buildings and posted a drop for the second consecutive month in September. Housing starts decreased 9.0% to an annualized pace of 1.047 million units in September, missing economists’ estimates, which called for rebound to 1.18 million units in a survey by The Wall Street Journal.

However, construction of single-family houses maintained a rise of 8.1% to 783,000 units in September.

According to the Commerce Department, US building permits for privately owned housing units were up by 6.3% to an annualized pace of 1.225 million on a seasonally adjusted basis in September compared to the previous month while economists had expected building permits to increase to 1.17 million units in a survey by The Wall Street Journal.

Meanwhile, building permits rose 0.6% in the first nine months of 2016 from the same period last year while single family starts rose 8.6% in the first nine months of the year.
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