WASHINGTON (Reuters) – U.S. housing starts jumped to their highest level in nearly 7-1/2 years in April and building permits soared, hopeful signs for an economy that is struggling to regain strong.
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A report from the Commerce Department showed housing starts fell 5.8 percent in March to a 654,000 annual rate, less than the lowest estimate of economists surveyed by Bloomberg. 78.6 percent last.
U.S. new-home construction cooled by more than expected in February on a reversal in the volatile multifamily category, while building remained on pace to contribute to economic growth this quarter, government figures showed friday, March 16. Residential starts fell 7% to a 1.24 million annualized rate after a 1.33 million pace in the prior month.
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Residential starts fell 7% in February to a 1.24 million annualized rate (the estimate had been for 1.29 million starts) after a 1.33 million pace in the prior month. Single-family home starts rose 2.9%, a second straight monthly gain, but multifamily starts fell 26.1% after a similar jump in January, according to government figures released on March 16.
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US housing starts skyrocketed in January, increasing more than expected as construction of single-family housing rallied after four straight months of declines. However, the gain was short-lived; February starts then fell more than expected as single-family builds dropped to an 18-month low.
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Housing starts fell 0.9% in May to 1,269 thousand after having jumped jumped 6.8% in April and 4.4% in March. Because these data are particularly volatile on a month-to-month basis, it is best to look at a 3-month moving average of starts (which is the series shown above).
Housing starts fell 8.7% in the month of February, according to the latest report from the U.S. Dept. of Housing and Urban Development and the U.S. Dept. of Commerce.
For January, that is. The trend in housing starts was 224,865 units in January 2018, compared to 226,346 units in December 2017, according to Canada Mortgage and Housing Corporation (CMHC).
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