After reporting a steep drop in new residential construction in the previous month, the Commerce Department released a report on Wednesday showing that U.S. housing starts rebounded by more than expected in the month of November.
The report said housing starts jumped 10.5 percent to an annual rate of 1.173 million in November after tumbling 12 percent to a revised 1.062 million in October.
Economists had expected housing starts to climb 7.6 percent to a rate of 1.141 million from the 1.060 million originally reported for the previous month.
The Commerce Department also said building permits unexpectedly surged up 11 percent to a rate of 1.289 million in November from the revised October rate of 1.161 million.
Building permits, an indicator of future housing demand, had been expected to dip 0.3 percent to a rate of 1.146 million from the 1.150 million originally reported for October.
The material has been provided by InstaForex Company – www.instaforex.com