Low Rates, Warm Weather Push Housing Starts Up 8.2%
The Commerce Department said that housing starts jumped 8.2% in November to an annual rate of 1,645,000. Analysts were calling for a 1.55 million annual rate of starts, Reuters reported.
In October, housing starts declined by a revised 4%.
Housing construction can provide a boost to the trucking industry because it can increase demand for flatbed trucking to haul building materials, and dry van freight to ship household appliances and furniture.
By region, housing starts rose by 20.1% in the Northeast, 20.5% in the Midwest and 12.7% in the West. However, starts fell 1.6% in the South.
eanwhile, building permits, an indicator of future construction, rose 5.3% in November, Commerce said. The increase brought the annual rate of permits issued to 1.564 million, and pulled the number of permits issued off the four-year lows it saw in October, after a decline of 3.6%.
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