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ECON: Housing Starts Much Stronger Than Expected
Posted to: Micro News
Wednesday, December 18, 2013 8:41 AM
- Starts +22.7 pct, most since 1990
- Starts 1.091m Annual Rate vs 950k forecast
- Highest since Feb 2008
- Permits 1.007m vs 990k forecast
- Market Reaction: MBS and Treasuries sold off sharply at first. Though they're still weaker than pre-data levels, they'd finding their footing. More importantly, the reaction was nothing compared to what we might have seen if the FOMC Announcement wasn't coming this afternoon.
Privately-owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,007,000.
This is 3.1 percent (±1.1%) below the revised October rate of 1,039,000, but is 7.9 percent (±1.6%) above the November 2012
estimate of 933,000.
Single-family authorizations in November were at a rate of 634,000; this is 2.1 percent (±1.1%) above the revised October figure of
621,000. Authorizations of units in buildings with five units or more were at a rate of 346,000 in November.
Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,091,000. This is 22.7 percent (±13.2%)
above the revised October estimate of 889,000 and is 29.6 percent (±19.8%) above the November 2012 rate of 842,000.
Single-family housing starts in November were at a rate of 727,000; this is 20.8 percent (±10.7%) above the revised October figure of
602,000. The November rate for units in buildings with five units or more was 354,000.
Privately-owned housing completions in November were at a seasonally adjusted annual rate of 823,000. This is 0.1 percent (±9.5%)*
below the revised October estimate of 824,000, but is 21.6 percent (±11.3%) above the November 2012 rate of 677,000.
Single-family housing completions in November were at a rate of 596,000; this is 3.2 percent (±11.6%)* below the revised October
rate of 616,000. The November rate for units in buildings with five units or more was 221,000.
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