Housing starts, permits surge
All Reuters NewsWASHINGTON (Reuters) - U.S. housing starts jumped 3.4 percent in September and permits for future groundbreaking surged to a 32-year high, defying forecasts for a slowdown in construction following hurricanes Katrina and Rita, government data showed on Wednesday.
The Commerce Department said the storms had a minimal impact on housing starts. After imputing data for August, it assumed that no permits were issued for the approximately 24 jurisdictions that did not report September data for its sample survey.
Recent investing newsFreehand Systems International, Inc. Consolidates Offices WorldTradeShow.com and HOTELS.com.VN Sign Up 26 More Top Vietnamese Hotels and Files Its Form 10-SB to the SEC A.T. Cross Company to Broadcast Review of Third Quarter Earnings Results Over the Internet RLI Hires Jeffrey Fick to Lead Human Resources CFC to Host Conference Call on First Quarter Financial Results
September housing starts increased to a 2.108 million unit annual rate, as construction on both single-family and multi-family units climbed. That outpaced August's upwardly revised 2.038 million unit pace, which was originally reported at 2.009 million units.
Economists had expected starts to slow to a 1.970 million unit annual pace, saying activity likely fell after the hurricanes disrupted construction in the Gulf Coast region.
Total single-family housing starts rose 2.6 percent to a 1.747 million unit rate while multi-family starts soared 7.8 percent to a 361,000 unit pace in September.
Permits for future groundbreaking, an indicator of builder confidence, jumped 2.4 percent to a 2.189 million unit pace - the highest rate since a matching pace in February 1973.
Low mortgage rates have supported the housing sector for more than four years. Some economists have predicted a cooling in 2006 as long-term interest rates rise and dampen demand. But earlier Wednesday, an industry trade group said mortgage applications rose even as interest rates on the 30-year home loan climbed to their highest levels of 2005.
Housing starts rose 6.9 percent in the U.S. South and 1.9 percent in the Midwest and held unchanged in the Northeast and West.
News source
All Reuters NewsWASHINGTON (Reuters) - U.S. housing starts jumped 3.4 percent in September and permits for future groundbreaking surged to a 32-year high, defying forecasts for a slowdown in construction following hurricanes Katrina and Rita, government data showed on Wednesday.
The Commerce Department said the storms had a minimal impact on housing starts. After imputing data for August, it assumed that no permits were issued for the approximately 24 jurisdictions that did not report September data for its sample survey.
Recent investing newsFreehand Systems International, Inc. Consolidates Offices WorldTradeShow.com and HOTELS.com.VN Sign Up 26 More Top Vietnamese Hotels and Files Its Form 10-SB to the SEC A.T. Cross Company to Broadcast Review of Third Quarter Earnings Results Over the Internet RLI Hires Jeffrey Fick to Lead Human Resources CFC to Host Conference Call on First Quarter Financial Results
September housing starts increased to a 2.108 million unit annual rate, as construction on both single-family and multi-family units climbed. That outpaced August's upwardly revised 2.038 million unit pace, which was originally reported at 2.009 million units.
Economists had expected starts to slow to a 1.970 million unit annual pace, saying activity likely fell after the hurricanes disrupted construction in the Gulf Coast region.
Total single-family housing starts rose 2.6 percent to a 1.747 million unit rate while multi-family starts soared 7.8 percent to a 361,000 unit pace in September.
Permits for future groundbreaking, an indicator of builder confidence, jumped 2.4 percent to a 2.189 million unit pace - the highest rate since a matching pace in February 1973.
Low mortgage rates have supported the housing sector for more than four years. Some economists have predicted a cooling in 2006 as long-term interest rates rise and dampen demand. But earlier Wednesday, an industry trade group said mortgage applications rose even as interest rates on the 30-year home loan climbed to their highest levels of 2005.
Housing starts rose 6.9 percent in the U.S. South and 1.9 percent in the Midwest and held unchanged in the Northeast and West.
News source