19 January 2001, 10:43 Surprise strength in U.S. December housing starts was centered>
Surprise strength in U.S. December housing starts was centered in
single unit starts which rebounded from November weakness. Starts gained
a modest 0.3% overall to 1.575 million and November starts were revised
higher. Single units soared 6% to 1.313 million. All areas gained except
the Midwest which fell 21.1%. The entire gain was due to a strong
seasonal adjustment factor (known in advance), but strength in housing
could also indicate that housing price dips were met with buying. The
preliminary reading on housing permits declined 6.6% to 1.493 million,
with all sectors down, showing a decoupling from starts. Permits have
been revised higher recently, however. Single family permits were off
3.3% to 1.144 million in a second down month.
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