Trial now

Corrections Remain Shallow


Reverse Repo Operation, Inching Higher


$1.5B Royal Bank of Canada 10Y Launched


WTI Remains Bullish, on Track for Cycle High Close


2Y Auction ​Review: Small Stop

By Kevin Kastner, Sara Haire, and Holly Stokes
     WASHINGTON (MNI) - The following are the key points from the 
November new residential construction data released Tuesday by the 
Commerce Department: 
     - November housing starts added to the October gain on a sharp rise 
in sales in the South and West, while permits growth slowed, but 
remained relatively strong. The 4Q average for starts and permits 
through the first two months were much higher than in the previous 
quarter, and positive for residential fixed investment. 
     - Housing starts rose by 3.3% to 1.297 million rate, well above 
expectations for 1.250 million and the highest in a year. Permits fell 
1.4% to 1.298 million rate, ahead of expectations for 1.273 million. 
     - Starts were up 11.1% in the South to the highest level since 
August 2007, adding to the post-hurricane rebound seen in October, while 
starts in the West rose by 19.0%. Starts plunged 39.6% in the Northeast 
and 12.9% in the Midwest, providing some offset. 
     - Single-family housing starts rose 5.3% in November, multi-family 
down 1.6%. For permits, single-family were up 1.4%, multi-family down 
     - Homes permitted but not started rose 0.6%, so starts could rise 
further in the near future. Homes under construction were up 1.0%, but 
completions fell 6.1% after a 10-year high in October. 
     ** MNI Washington Bureau: 202-371-2121 **