US housing starts rise more than expected in December
US housing starts rose more than expected in December, according to data released by the Commerce Department.
Housing starts were up 11.3% from the revised November rate to a seasonally-adjusted annual rate of 1.226m, beating expectations for a smaller increase to 1.2m. On the year, starts were up 5.7%.
Meanwhile, single-family housing starts were 4% lower than November’s revised figure at 795,000.
Permits for new construction, which are a closely-followed gauge of future demand, fell 0.2% from November to a seasonally-adjusted rate of 1.21m, missing expectations for a jump to 1.225m. On the year, permits were up 0.7%.