3 months ago
Economic Indicators

U.S. Housing Starts and Building Permits Unexpectedly Surge in November

Investing.com - U.S. homebuilding unexpectedly jumped in November, providing some relief to concern of the health of the American real

Investing.com - U.S. homebuilding unexpectedly jumped in November, providing some relief to concern of the health of the American real estate sector.

Housing starts increased 3.2% to a seasonally adjusted annual rate of 1.256 million units last month, the Commerce Department said.

Economists had forecast housing starts declining to a pace of 1.225 million units last month.

Building permits rose 5.0% to a rate of 1.328 million units in November.

Economists had forecast building permits decreasing to a pace of 1.259 million units last month.

Recent data had painted a worrying picture of the U.S. housing market, which is struggling with rising mortgage rates and tight inventory.

Data released on Monday showed that U.S. home builder sentiment fell to a three-and-a-half-year low as concerns over housing affordability persisted.