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- U.S. housing starts increase more than expected in November
U.S. housing starts increase more than expected in November
The Commerce
Department reported on Tuesday the building permits issued for privately owned
housing units rose by 1.4 percent m-o-m in November to a seasonally adjusted
annual pace of 1.482 million (the highest level since May 2007), while housing
starts jumped by 3.2 percent m-o-m to an annual rate of 1.365 million.
Economists had
forecast housing starts increasing to a pace of 1.345 million units last month
and building permits falling to a pace of 1.410 million units.
Data for October
was revised to show homebuilding growing to a pace of 1.323 million units,
instead of increasing at a rate of 1.314 million units as previously reported.
According to
the report, permits for single-family homes, the largest segment of the market,
increased 0.8 percent m-o-m at 918,000 in November (the highest since July 2007),
while approvals for the multi-family homes segment climbed 2.5 percent m-o-m to
a 564,000 unit-rate.
In the
meantime, groundbreaking on single-family homes rose 2.4 percent m-o-m to a
rate of 938,000 units in November (the highest level since January), while
housing starts for the multi-family surged 4.9 percent m-o-m to a 427,000 -unit
pace.
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