New residential construction in the U.S. increased by far more than expected in the month of December, the Commerce Department revealed in a report on Thursday.
The Commerce Department said housing starts jumped 12.1 percent to a seasonally adjusted annual rate of 954,000 in December from the revised November estimate of 851,000.
Economists had expected housing starts to climb to an annual rate of 887,000 from the 861,000 originally reported for the previous month.
Building permits, an indicator of future housing demand, edged up by a much more modest 0.3 percent to an annual rate of 903,000.
by RTT Staff Writer
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