U.S housing starts surge in December; jobless claims near 43-year low
Source: Reuters
Thu Jan 19, 2017 | 9:40am EST
U.S. homebuilding rebounded more than expected in December as a strengthening economy boosts demand for rental housing.
Other data on Thursday showed the number of Americans filing for unemployment benefits unexpectedly falling last week to a near 43-year low, pointing to a further tightening in the labor market that should underpin economic growth this year.
Housing starts jumped 11.3 percent to a seasonally adjusted annual rate of 1.23 million units last month, the Commerce Department said. Economists polled by Reuters had forecast housing starts increasing to a 1.20 million-unit rate in December.
Groundbreaking on new housing projects increased 4.9 percent to 1.17 million in 2016. The housing market remains on solid ground even as mortgage rates have jumped above 4 percent. The tightening labor market is driving demand for multi-family housing, which has pushed up rents.
Read more: http://www.reuters.com/article/us-usa-economy-unemployment-idUSKBN153201
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