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Housing starts sink 11% in last month of 2018, but rising permits point to rebound
Construction on new houses sank 11% in December to a more than two-year low, but builders applied for more permits in a sign that a rebound is coming soon. Housing starts tumbled to an annual rate of 1.08 million in the final month of 2018 from a revised 1.21 million in November, according to a report long delayed by the recently ended government shutdown. That’s the lowest level since September 2016. Economists polled by MarketWatch has expected starts to total 1.225 million. Even though new construction hit a lull in December, permits to build additional houses edged up 0.3% to a 1.33 million annual pace. It ... (full story)
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