Here come housing starts ...

The Census Bureau will release its latest data on housing starts and building permits at 8:30 a.m. ET.

Economists estimate that housing starts climbed 6.6% at an annual rate of 1.13 million in November, while building permits fell 1% at an annual rate of 1.15 million, according to Bloomberg.

In the prior period, a decline in new construction of multifamily units led an 11% drop in housing starts to a seven month low.

“We think the [forecast] gain will be led by multifamily building given the relative strength in permits over the past few months,” wrote Bank of America Merrill Lynch economists to clients in a preview.

“Moreover, the weather was particularly warm in November and likely favourable for home building. Looking ahead, if the winter proves to be mild in the Northeast due in part to El Nino, as forecasted, we should see continued near-term strength in homebuilding.”

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