Housing starts jump to 7-year high, construction permits rise
An improving labour market and low mortgage costs are reviving residential construction
Washington
NEW residential construction in the US surged in April to the highest level in more than seven years, indicating that the industry regained its footing after the soft patch at the beginning of the year.
Housing starts jumped 20.2 per cent to a 1.14 million annualised rate, the most since November 2007, from a 944,000 pace in March, a Commerce Department report showed on Tuesday in Washington. More permits, a proxy for future construction, were issued than at any time since June 2008.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing
South Korea’s public finances no longer a credit rating ‘strength’: Fitch
UK consumer confidence improves as inflation and taxes fall
Inflation in Japan’s capital falls below BOJ target, slows for second month