US housing starts surge unexpectedly in October
The data revealed that housing starts stood at 1,290,000 with an increase of 13.7% from 1,135,000 registered in September. The economists were expecting housing starts to stand at 1,227,000 in October.
The bigger-than-expected rise in housing starts was attributed to the increase in multi-family housing starts, which were up by 36.8%.
Building permits in October also rose by 5.9% month on month to 1,297,000 from a revised 1.225.000 in September, the data showed.
However, the US Commerce Department noted that housing starts in October decreased by 2.9% on a yearly basis despite the unexpected monthly increase.
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