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Housing Starts and Building Permits unexpectedly rose in November

Wednesday, Dec 16 2015
New-home construction in the U.S. rebounded in November, led by gains in single-family dwellings that signal the residential real estate industry will continue to support growth in the world’s largest economy. Housing starts climbed 10.5% to a 1.17 million annualized rate from a 1.06 million pace in October, figures from the Commerce Department showed Wednesday in Washington. The median estimate of 81 economists was for a 1.13 million rate. Work began on the most stand-alone houses since January 2008, and permits for similar projects reached an eight-year high.
 
 Building permits, a sign of future construction, increased 11% in November to a 1.29 million annualized rate, the most since June. They were projected to rise to 1.15 million. Construction of single-family houses increased to a 768,000 rate from 714,000 in October, and the report showed gains may continue. Building applications for single-family projects rose to a 723,000 pace, the most since December 2007.
 
Euro is currently being traded few points above 1.0920 level, Sterling is around 1.5020 handle, while Aussie is above 0.72 area. The focus of the rest of the session will be on FOMC rate decision and the following statement.
More in this category: « UK Unemployment Rate fell to 5.2% Fed rose interest rates to 0.5% »

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