Building permit issuance cooled
The numbers: Construction of new U.S. homes rebounded 7% in September to an annual pace of 1.36 million units after a sharp 1.5% drop in the prior month, the Commerce Department said Wednesday.
Economists on Wall Street were expecting a 6.8% rise in starts to 1.37 million. All numbers are seasonally adjusted.Economists expected a 6% decline to 1.45 million.Key details: The construction pace of single-family homes rose by 3.2% in September, and apartment-building construction rose by 17.1%.Permits for single-family homes rose 1.8% in September, while permits for buildings with at least five units or more fell 14%.
“We think the multi-family sector – where supply is more plentiful – will see more weakness, as builders in that sector are facing a more severe tightening of lending standards,” said Nancy Vanden Houten, U.S. economist at Oxford Economics. What are they saying? “Looking through the volatility of the month-over-month readings, the pace of homebuilding remains fairly weak, consistent with the high-degree of interest-rate sensitivity of the sector,” said Ali Jaffery, economist at CIBC Capital Markets in Toronto.
Market reaction: Stocks DJIA SPX were set to open lower on Wednesday. The 10-year Treasury note yield BX:TMUBMUSD10Y rose to 4.87% in early trading.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Housing Starts rise 7% in September, Building Permits decline 4.4%The monthly data published by the US Census Bureau revealed on Wednesday that Housing Starts rose 7% on a monthly basis in September, following the 12
Read more »
Hundreds of Palestine supporters rally at San Diego County Administration BuildingNatalie Chuck joined the ABC 10 News team in December 2022 as a multimedia journalist.
Read more »
By Pariah Founder On Building A Jewelry Business Around Timeless Natural StonesAs a Paris-based editorial consultant and translator, I have spent my career strategizing and creating content for organizations ranging from start-ups to multinationals.
Read more »
Man, woman shot at luxury apartment building in Crown HeightsThe search is on for a gunman after a man and woman were shot at a luxury rental building in Crown Heights on Monday morning.
Read more »
Auburn Food Bank has a building to serve more families but can't move inA series of setbacks has stalled the Auburn Food Bank from moving into its newly renovated building and now the organization has some tough decisions to make
Read more »