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
Xi begins Europe tour in Paris as Macron seeks to reset ties
South Korea’s probe alleges 211.2 billion won of illegal short trades
Suzhou Industrial Park: The crown jewel of China-Singapore relations celebrates its 30th year
Top US Treasury official to travel to Singapore, Malaysia to discuss sanctions
Saudi Arabia posts budget deficit of US$3.3 billion in first quarter
Microsoft bets big on South-east Asia, pledges billions in AI and cloud investments