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A Sharp Increase in January Housing Permits Defies Predictions
Wednesday, February 19, 2020
Residential construction data was mixed at the kick-off
of the new year. Permits increased significantly while both housing starts and
completions pulled back from December numbers. The U.S. Census Bureau and Department of Housing and Urban
development reported that permits for residential construction were issued in
January at a seasonally adjusted annual rate of 1,551,000. This is 9.2 percent
higher than the December estimate of 1,420,000, revised from the 1,416,000
permitting rate originally reported. The uptick in permitting during January as
well as in the fourth quarter of last year has boosted the rate 17.9 percent higher
than in January 2019.
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