US housing starts jump, building permits up

| September 21, 2010 | 0 Comments
US housing starts jump, building permits up

There was some good news from the US housing market today after the Commerce Department revealed housing starts jumped in August to a four-month high.

According to the Commerce Department, construction of new US homes rose 10.5% last month to a seasonally adjusted annual rate of 598,000 units - beating analysts expectations of 550,000.

In the meantime, applications for building permits, a barometer of future home construction, also rose 1.8% in the month, after plummeting by 4.1% in July.

On an annual basis, housing starts are up 2.2%.

The data suggests the housing market may be starting to pick up after the withdrawal of a Government tax incentive in April resulted in a fall in activity thereafter.

The figures come shortly after Paris-based Organisation for Economic Co-operation and Development (OECD) said the US will avoid a double-dip recession.

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