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US private housing permits climb in August

US private housing permits climb in August

Mubasher: The US Census Bureau, the US Department of Housing, the Urban Development on Wednesday jointly released residential construction statistics for August.

Privately-owned housing units authorised under building permits surged by 7.7% last August to an adjusted annual rate of 1.419 million, compared with the revised July estimate of 1.317 million.

Privately-owned housing starts came in at a seasonally adjusted annual rate of 1.364 million starts last month, climbing by 12.3% higher than the preceding month’s revised 1.241 million, and 6.6% above the rate of 1.279 million seen in the same month of the preceding year.

Privately-owned housing completions went up by 2.4% to an adjusted annual rate of 1.294 million completions during last August, from the revised estimate of 1.264 million in the preceding month, and 5% up from 1.232 million the year before.

Permits for single-family housing units rose by 4.5% month-on-month to 866,000 permits last month, while authorisations for five-or-more unit buildings totalled 509,000, the report showed.

Single-family housing starts totalled 919,000 during the month, which was 4.4% month-on-month higher.

Completed single-family housing units rose by 3.7% to 945,000 units last August, compared with the preceding month when they came in at 911,000.

By 12:36 pm GMT, the US dollar index edged up by 0.11% to 98.37.