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US housing starts surge unexpectedly in October

by ChemOrbis Editorial Team -
  • 20/11/2017 (14:17)
According to data from the US Commerce Department, the US housing starts increased considerably in October, following a fall in September.

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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