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US housing starts, permits rebound in April

by ChemOrbis Editorial Team - content@chemorbis.com
  • 17/05/2016 (17:05)
According to data from the US Commerce Department, US housing starts rose 6.6% to a seasonally adjusted annual pace of 1.17 million units in April, exceeding economists’ estimates calling for a pace of 1.13 million units in a survey by Reuters. The increase was attributed to a stronger labor market. Housing starts for March were revised up to 1.10 million units from the previously reported 1.09 million units.

Construction of single-family houses rose 3.3% to an annualized pace of 778,000 units while housing starts for volatile multi-family houses surged 13.9% to an annual pace of 394,000 units in April. Housing starts for single-family houses rose 9.0% to their highest level since December 2007 in the South while they also rose 12.8% in the Midwest. However, single-family starts fell in the Northeast and the West.

Meanwhile, April building permits increased 3.6% to an annualized pace of 1.12 million units. Permits for construction of single-family houses rose 1.5% in April while permits for multi-family buildings increased 8.0%.

According to some economists, economic growth may regain some momentum in the second quarter based on last month’s housing starts data and stronger retail sales.
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