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U.S. Housing Starts Jump More Than Expected In August

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New residential construction in the U.S. increased by more than expected in the month of August, according to a report released by the Commerce Department on Tuesday.

The report said housing starts jumped by 3.9 percent to an annual rate of 1.615 million in August from a revised rate of 1.554 million in July.

Economists had expected housing starts to increase to a rate of 1.580 million from the 1.534 million originally reported for the previous month.

The Commerce Department also said building permits spiked by 6.0 percent to an annual rate of 1.728 million in August from a revised rate of 1.630 million in July.

Building permits, an indicator of future housing demand, had been expected to drop to a rate of 1.610 million from the 1.635 million originally reported for the previous month.

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