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US housing starts, permits rebound in November

by ChemOrbis Editorial Team - content@chemorbis.com
  • 16/12/2015 (17:49)
According to data from the US Commerce Department, US housing starts rose 10.5% on the month to 1.17 million units in November, exceeding economists’ estimates that called for a pace of 1.13 million units in a survey by Bloomberg. The increase was attributed to higher payrolls and a decrease in layoffs.

Construction of single-family houses rose 7.5% to an annualized pace of 768,000 units from October’s 714,000 while housing starts for volatile multi-family houses surged 16.4% to an annual pace of 405,000 units in November.

Meanwhile, September building permits, an indicator of future construction, increased 11% to an annualized pace of 1.29 million units in November, posting the highest level since June. Economists’ expectations called for a pace of 1.15 million units. Permits for single-family houses climbed to a 723,000 pace in November, reaching their highest levels since December 2007.

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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