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19 May 2015
US housing starts rose to 7-year high in April
FXStreet (Mumbai) - New residential construction or housing starts in the US rose to a seven year high, while building permits, which are proxy of future construction, rose to the highest level since June 2008.
Commerce Department data released today showed Housing starts jumped 20.2% to a 1.14 million annualized rate, the most since November 2007, from a 944,000 pace in March. The prior month’s pace was previously reported as 926,000. Building permits Permits rose to a 1.14 million annualized rate. Permits were projected to climb to a 1.06 million pace after 1.04 million the prior month.
The surge in housing starts last month was led by single-family projects in the West and multifamily in the Northeast, which points to a broad-based gains in the industry.
Commerce Department data released today showed Housing starts jumped 20.2% to a 1.14 million annualized rate, the most since November 2007, from a 944,000 pace in March. The prior month’s pace was previously reported as 926,000. Building permits Permits rose to a 1.14 million annualized rate. Permits were projected to climb to a 1.06 million pace after 1.04 million the prior month.
The surge in housing starts last month was led by single-family projects in the West and multifamily in the Northeast, which points to a broad-based gains in the industry.