US housing starts surge unexpectedly in October
by ChemOrbis Editorial Team - content@chemorbis.com
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.
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.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- PET sellers hunt for signs of market bottom in Europe
- India’s import PP, PE markets rebound in Jan after several months of declines
- Tight supplies keep Asian PVC markets bullish
- Crude oil market sentiment turns in favour of bulls
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
- European PP, PE markets open 2023 with renewed drops
