US Single-Family Building Permits Reach 12-Year High After a big rebound in October, analysts expected a more mixed picture for November with starts expected to extend gains while permits are seen falling. However, the data was much more positive: Housing Starts +3.2% MoM (vs +2.4% exp) Building Permits +1.4% MoM (vs expectations of a 3.5% drop) The second monthly rise in a row... Source: Bloomberg Housing Starts rose 13.6% YoY - the most since May 2018... Single Family Starts accelerated back near cycle highs and multi-family also rose in November. And single-family permits hit 918k - the highest since August 2007... Two of four regions posted a gain in starts, led by a jump in the South to the fastest pace since March 2007. Starts in the West also advanced. All-in-all, very positive - corroborating other housing data, such as Homebuilder sentiment soaring to a 20-year high in December - as long as Powell keeps rates low. The data indicate residential construction may add to fourth-quarter growth after contributing in the previous quarter for the first time since the end of 2017. Tyler Durden Tue, 12/17/2019 - 08:36 Tags Business Finance