Housing starts for the month surged to 894K, well above the 840K that was expected, and nicely above last month’s 872K annualized rate.
This is consistent with the surge in homebuilder sentiment that we got yesterday.
This is the highest level since June 2008.
Big datapoint of the day: Housing starts.
Analysts are expecting 840K (annualized) down from 872K last month.
Hurricane Sandy may be a factor.
As we’ve been writing lately, the creation of new houses and households is becoming a major positive tailwind for the economy.