Housing starts jump higher than expected
The annual rate of housing starts rose much more than anticipated in April, the Commerce Department said on Wednesday. Housing starts rose 2.6% in April, less than consensus for 4.0%, to an annual rate of 717’000 against a forecast for 680’000, from a revised 699’000 (previously 654’000), in a clear sign that the real estate industry is stabilizing. In the previous month, housing starts m/m fell by 5.8%.
Building permits on the other hand fell from a three-year high the previous month, to an annual pace of 715’000 from a revised 769’000 (previously 747’000) against a forecast for 730’000. Building permits m/m were down 7% versus consensus for a 4.5% drop, and from a 4.5% gain previously.
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