US Housing: Building trend clearly on the rise - Wells Fargo

According to analysts from Wells Fargo, today’s US housing data (building permits and housing starts) shows that the building trend is clearly on the rise.

Key Quotes: 

“Revisions pushed some of the building activity first reported in October into November. Housing starts were at a 1.297 millionunit pace in November and single-family building reached a new cycle-high of 930,000 units.”

“Residential starts were up in the South and West, but declined in the Midwest and Northeast. Multifamily was behind the slowdown in the Northeast, which has seen completions surge.”

“Revisions post-storm pushed the bulk of building activity into November. The building trend is clearly on the rise, particularly compared with earlier this year. Solid readings for both October and November bode well for Q4 GDP growth.”

“Construction is likely to strengthen further in coming months.”