. | . |
Post-hurricane rebuilding fuels jump in October US home construction by Staff Writers Washington (AFP) Nov 17, 2017 Construction of new homes in the United States sprang to life in October as hurricane-damaged housing markets recovered from back-to-back late summer storms, according to data released Wednesday. The spike in construction, which also reflected a large increase in apartments in regions not touched by Hurricanes Harvey and Irma, was the biggest in a year and followed three consecutive months of declines, the Commerce Department reported. Analysts say supply in the tight US housing market has failed to keep pace with demand and it remained unclear whether the October bounce could be sustained once the storm effects recede. Housing starts rose 13.7 percent to a seasonally adjusted annual rate of 1.29 million units, the largest increase and the highest level since October 2016. The result far overshot analyst expectations, which had called for a more modest 5.6 percent increase. The sudden jump followed months in which construction slowed and last month's pace was still 5.3 percent below the rate recorded in October of last year. And Ian Shepherdson of Pantheon Macroeconomics said the October jump might be noise from the hurricanes. "It would still be a real stretch to argue that the trend is rising," he wrote in a client note. "All we can say for sure is the hurricane hit has reversed." Construction of apartments surged 37.4 percent, the largest increase since December, driven in large part by new construction in the Northeast. In that region homebuilding shot up by 44.2 percent, while single-family homes saw a 22.4 percent drop. In the South, which includes flooded and storm-battered southeast Texas and Florida, single-family home construction rose 16.6 percent, its fastest pace in more than three years. Building permits, which are a sign of construction in the works, gained a less robust 5.9 percent compared to September, reaching an annual rate of 1.29 million units, the highest level since January.
Seoul (AFP) Nov 14, 2017 The International Monetary Fund on Tuesday raised its 2017 growth forecast for South Korea, as improving exports and construction investment offset elevated geopolitical tensions over the North Korea nuclear crisis. Wrapping up a two-week visit, the IMF said it expects Asia's fourth-largest economy to expand 3.2 percent this year, up from its earlier prediction of 3.0 percent. "The momen ... read more Related Links Global Trade News
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |