US housing starts rebound in Feb
by ChemOrbis Editorial Team - content@chemorbis.com
According to data from the US Commerce Department, US housing starts rebounded in February after a fall in January.
The data from US Census Bureau and the Department of Housing and Urban Development reveals that privately owned housing starts stood at 1,288,000 in February year-on-year with an increase of 3.0% from a revised 1,251,000 registered in January. Market expectations were calling for housing starts to stand at 1,260,000 in February.
The rise in housing starts in January was attributed to a rebound in single-family housing starts, which were up by 6.5% while multi-family housing starts continued to decline with a drop of 3.7% after a drop of 7.9% in January.
Meanwhile, building permits in February was down by 6.2% year-on-year to 1,213,000 after a revised increase of 5.3% in January and fell below the expectations of 1,260,000, the data showed.
The data from US Census Bureau and the Department of Housing and Urban Development reveals that privately owned housing starts stood at 1,288,000 in February year-on-year with an increase of 3.0% from a revised 1,251,000 registered in January. Market expectations were calling for housing starts to stand at 1,260,000 in February.
The rise in housing starts in January was attributed to a rebound in single-family housing starts, which were up by 6.5% while multi-family housing starts continued to decline with a drop of 3.7% after a drop of 7.9% in January.
Meanwhile, building permits in February was down by 6.2% year-on-year to 1,213,000 after a revised increase of 5.3% in January and fell below the expectations of 1,260,000, the data showed.
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