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US housing starts edge down, permits up in October

by ChemOrbis Editorial Team -
  • 20/11/2014 (11:29)
According to data from the US Commerce Department, US housing starts fell in October due to a sharp decrease in construction of multi-family houses. New housing starts declined 2.8% to reach a seasonally adjusted annual rate of 1.009 million in October from a rate of 1.038 million units reported in September. Initial forecasts called for a 1.03 million rate, according to a survey conducted by Bloomberg.

Construction of single-family houses rose 4.2% to an annualized pace of 696,000 units in October from 668,000 in the previous month, posting the highest level since November 2013 on the back of a strengthening job market and cheaper borrowing costs. Construction of multi-family houses, on the other hand, fell 15.4% to an annualized pace of 313,000 units, down from a pace of 370,000 units reported in September.

Meanwhile, building permits in the US climbed 4.8% to an annual rate of 1.080 million in October from 1.031 million in the previous month, posting their highest level since June 2008. Economists’ initial forecasts called for a 1.04 million annualized rate in October, according to a survey by Bloomberg.
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