Building Permits Climb To Four-Year High In November; Average Start Rate Strongest Since August Of 2008

Thursday, December 20, 2012 08:35
edit
Building Permits Climb To Four-Year High In November; Average Start Rate Strongest Since August Of 2008

Tags: economic indicators | Economic Outlook | economy

The rate at which building permits were issued in November reached a four-year high, indicating the housing recovery will extend into 2013.
 
Housing starts fell 3% to an 861,000 annual rate but permits rose 3.6% to an 899,000 annual rate.
 
The average start rate from September to November was the strongest since the three months ended August 2008.

This Website Is For Financial Professionals Only


 
Gains in housing will offset the reluctance of businesses to invest because of concern over the fiscal cliff.
 
Failing budgetary discussions are still weighing on the stock markets and the global economy is still struggling.
 
The Commerce Department revised down October’s housing starts numbers from the previously reported 894,000 to an 888,000 annual rate.
 
So far this year, starts are up 27.1% in 2012 compared with the first 11 months of 2011.
 
Construction of single-family homes fell 4.1% to a 565,000 annual rate and work on multi-family housing fell 1% to an annual rate of 296,000.
 
Applications for multi-family projects jumped 10.6% in November to a 334,000 annual rate.
 
Confidence among homebuilders increased in December for the eighth consecutive month.

Comments (0)

Write comment

You must be logged in to post a comment. Please register if you do not have an account yet.

busy