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U.S. Homebuilding and Permits on the Rise

Single-family starts have increased for seven straight months. The housing market is defying slowing economic growth, thanks to pent-up demand and historically low mortgage rates. Recent data have shown a moderation in the labor market and consumer spending half-way through the fourth quarter as the country battles a fresh wave of Covid-19 cases.

• Housing starts rose 1.2% in November.

• Single-family starts have increased for 7 straight months & hit the highest level since April 2007.

• Building permits increased 6.2% in November with multi-family housing projects rising 19.2%

• Homebuilding has surged 12.8% on a year-over-year basis

• The coronavirus pandemic has left 21.8% of the labor force working from home. That has led to a migration from city centers to suburbs and other low-density areas as Americans seek out spacious accommodation for home offices and schools.

Thanks to Nikki Varanakis with Intercap for providing this valuable update!

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