The United States Department of Commerce has released data for housing starts and building permits for the month of October.
According to the data, housing starts increased by 1.9% in October compared to the previous month, reaching 1.372 million.
Housing starts, which exceeded market expectations during this period, were anticipated to be 1.35 million. In September, housing starts were recorded at 1.346 million, showing a 3.1% increase.
On an annual basis, housing starts in October decreased by 4.2%.
Building permits also exceeded expectations
In the country, building permits increased by 1.1% on a monthly basis in October, reaching 1.487 million.
The market had anticipated building permits to be 1.45 million, making the actual figures higher than expected. Building permits had decreased by 4.5% in September, totaling 1.471 million.
In the United States, building permits showed a 4.4% decrease on a yearly basis in October.
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