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Multifamily Leads Construction Numbers Higher
Wednesday, December 16, 2015
Residential construction activity surged in November with
both residential construction permits and housing starts, permits especially,
beating analysts' expectations. Whether
or not it was the unseasonably warm weather, it was especially good news for housing
starts which had dropped by 11 percent in October, falling even below the level
of a year earlier.
The Census Bureau and the Department of Housing and Urban
Development reported that housing starts were issued in November as a
seasonally adjusted annual rate of 1,173,000, a 10.5 percent increase from the
revised October estimate of 1,062,000 and 16.5 percent higher than in November
2014. The October starts were revised from an originally reported rate of 1,060,000.
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