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US housing starts, permits decline in December

by ChemOrbis Editorial Team -
  • 22/01/2016 (10:40)
According to data from the US Commerce Department, US housing starts declined 2.5% to an annualized rate of 1.15 million units in December from November’s 1.18 million units, falling below economists’ estimates that called for a pace of 1.2 million units in a survey by Bloomberg. In 2015, housing starts in the US rose 10.8% to 1.11 million units, the highest pace since 2007.

Meanwhile, building permits, an indicator of future construction, decreased 3.9% to an annualized pace of 1.23 million units in December. The decline in permits occurred mostly in the volatile multi-family segment, while permits for single-family houses climbed to an annualized pace of 740,000 units in December, reaching their highest levels since 2007.

Construction starts on single-family houses fell 3.3% to an annualized pace of 768,000 units from November while housing starts for multi-family houses declined 1% to an annual pace of 381,000 units.

According to some economists, the US housing sector may gain further momentum in the upcoming period based on expectations of improved wage growth and higher consumer confidence.
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