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US housing starts rebound in Feb

by ChemOrbis Editorial Team -
  • 17/03/2017 (16:31)
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.
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