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Financial News: U.S. Housing Starts Spike Much More Than Expected

U.S. Housing Starts Spike Much More Than Expected In November

12/16/2021 - 08:42:00 (RTTNews)

(RTTNews) - New residential construction in the U.S. soared by much more than expected in the month of November, according to a report released by the Commerce Department on Thursday.

The report said housing starts skyrocketed by 11.8 percent to an annual rate of 1.679 million in November after slumping by 3.1 percent to a revised rate of 1.502 million in October.

Economists had expected housing stocks to jump 3.0 percent to a rate of 1.565 million from the 1.520 million originally reported for the previous month.

The Commerce Department said building permits also surged up by 3.6 percent to an annual rate of 1.712 million in November after spiking 4.2 percent to a revised rate of 1.653 million in October.

Building permits, an indicator of future housing demand, had been expected to rise by 0.6 percent to a rate of 1.660 million from the 1.650 million originally reported for the previous month.

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