US housing starts, permits at 10-year high in November
The Commerce Department noted that new single-family house starts climbed 5.3% to 930,000 units while single-family home permits also posted an increase of 1.4% and reached 862,000 units in November.
The jump in single-home starts in the eleventh month of the year was mainly driven by a rise in home sales in the South and the West, where sales registered respective increases of 8.4% and 11.74% on the back of the fading effects of the recent hurricanes and floods.
Meanwhile, single-family homebuilding remained stable in the Northeast and declined 11.1% in the Midwest during the month.
The data also revealed that overall housing starts increased 3.3% on a seasonally adjusted annual basis to 1,297,000 units, surpassing the economists’ forecast of 1,250,000 units.
However, overall building permits fell 1.4% to 1,298,000 million units in November.
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