After reporting a steep drop in new residential construction in the previous month, the Commerce Department released a report on Thursday showing that U.S. housing starts rebounded by much more than expected in the month of October.
The Commerce Department said housing starts surged up by 25.5 percent to an annual rate of 1.323 million in October after tumbling by 9.5 percent to a revised 1.054 million in September.
Economists had expected housing starts to jump by 11.6 percent to a rate of 1.168 million from the 1.047 million originally reported for the previous month.
The report also said building permits, an indicator of future housing demand, edged up by 0.3 percent to a rate of 1.229 million in October from 1.225 million in September. Building permits had been expected to drop by 2.9 percent to a rate of 1.190 million.
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