A report released by the Commerce Department on Wednesday showed a sharp increase in new residential construction in the U.S. in the month of December.
The Commerce Department said housing starts spiked by 6.2 percent to an annual rate of 1.404 million in December after jumping by 3.9 percent to an annual rate of 1.322 million in November. Economists had expected housing starts to come in at an annual rate of 1.33 million.
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