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Wow.Housing starts in September surged 15.0 per cent to 872k at an annualized rate.
Economists were looking for the measure to increase just 2.7 per cent to 770k.
Building permits also crushed expectations, soaring 11.6 per cent to 894k. Economists were only looking for 810k.
Housing starts are at their highest levels since 2008, but they’re still way below historic averages.
Here’s a long term look from Reuters’ chart guru Scott Barber:
From the press release:
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for September 2012:
Privately-owned housing units authorised by building permits in September were at a seasonally adjusted annual rate of 894,000. This is 11.6 per cent (±1.1%) above the revised August rate of 801,000 and is 45.1 per cent (±1.8%) above the September 2011 estimate of 616,000.
Single-family authorizations in September were at a rate of 545,000; this is 6.7 per cent (±0.9%) above the revised August figure of 511,000. Authorizations of units in buildings with five units or more were at a rate of 323,000 in September.
Privately-owned housing starts in September were at a seasonally adjusted annual rate of 872,000. This is 15.0 per cent (±12.1%) above the revised August estimate of 758,000 and is 34.8 per cent (±18.2%) above the September 2011 rate of 647,000.
Single-family housing starts in September were at a rate of 603,000; this is 11.0 per cent (±11.1%)* above the revised August figure of 543,000. The September rate for units in buildings with five units or more was 260,000.
Privately-owned housing completions in September were at a seasonally adjusted annual rate of 683,000. This is 0.4 per cent (±11.2%)* above the revised August estimate of 680,000 and is 13.8 per cent (±16.2%)* above the September 2011 rate of 600,000.
Single-family housing completions in September were at a rate of 524,000; this is 8.5 per cent (±15.4%)* above the revised August rate of 483,000. The September rate for units in buildings with five units or more was 145,000.
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