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Housing Starts at a nine-year high

Thursday, Nov 17 2016
Housing Starts at a nine-year high

U.S. new-home construction jumped to a nine-year high in October as an outsized advance in the number of apartment projects accompanied a strong pickup for single-family housing. Residential starts surged 25.5 percent to a 1.32 million annualized rate, the fastest since August 2007 and exceeding the highest projection in a Bloomberg survey, a Commerce Department report showed Thursday. The increase from September was the biggest since July 1982. Multifamily-home building was up a whopping 68.8 percent. Permits, a proxy for future construction, increased 0.3 percent to a 1.23 million annualized rate. They were projected to fall to a 1.19 million pace, according to the survey median.

Separate report on Philly Fed Manufacturing Index showed that the index for current manufacturing activity in the region edged down, from a reading of 9.7 in October to 7.6 this month. The index has been positive now for four consecutive months. Other broad indicators showed improvement. The current new orders and shipments indexes increased from their readings in October, by 2 points and 4 points, respectively. Both the delivery times and unfilled orders indexes were positive this month, suggesting longer delivery times and an increase in unfilled orders. The current inventories index moved into positive territory for the first time in 17 months.

 

Euro is currently being traded around 1.0680 area, Sterling is at 1.2450 handle, while Aussie is around 0.7490 level.

More in this category: « UK Retail Sales up by 1.9% US CPI increased by 0.4% »

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