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Wednesday, December 26, 2012

Housing Starts and Permits for October

Housing starts followed up a 15.1 percent jump in September, rising
3.6 percent to a 894,000 unit pace in October. An 11.9 percent gain
in multifamily starts accounted for the entire gain, as single-family
starts dropped 0.2 percent, the first decline in three months. We
expect housing starts to pull back in November, declining to a
865,000 unit pace. While part of the decline will be payback from
such strong starts the two months prior, we have seen some
indication of a moderation in starts in other economic data.

Building permits, an indicator for future construction, fell
2.7 percent in October, and November’s employment report showed
construction of residential buildings employment shrinking
1.2 percent

Residential construction is one area of the economy poised to
improve in 2013. We expect single-family starts to rise nearly
27 percent and multifamily starts to jump 32 percent in 2013.

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