• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Editor's Pick

US single-family housing starts rebound in November

by December 18, 2024
written by December 18, 2024

WASHINGTON (Reuters) – U.S. single-family homebuilding rebounded in November as the drag from hurricanes faded, but the threat of tariffs on imported goods and potential labor shortages from mass deportations could hamper new construction next year.

Single-family housing starts, which account for the bulk of homebuilding, jumped 6.4% to a seasonally adjusted annual rate of 1.011 million units last month, the Commerce Department’s Census Bureau said on Wednesday. Data for October was revised to show homebuilding declining to a rate of 950,000 units from the previously reported pace of 970,000 units.

Homebuilding has struggled for much of this year after benefiting from a severe shortage of previously owned homes for sale. Though the Federal Reserve started cutting interest rates in September, the popular 30-year fixed-rate mortgage remains near 7%, tracking the 10-year U.S. Treasury yields, which have risen on the economy’s resilience and worries that some of President-elect Donald Trump’s policies were inflationary.

The U.S. central bank is expected to deliver a third rate cut on Wednesday, but project fewer reductions in borrowing costs than the four it had forecast in September.

A National Association of Home Builders survey on Tuesday showed a measure of sales expectations in the next six months surging in December to the highest level since April 2022. Homebuilder sentiment was steady at seven-month highs amid hopes for fewer regulations from the Republican administration.

But economists were less enthusiastic, warning of even higher lumber prices and severe worker shortages if Trump followed through with tariffs and expulsions of undocumented immigrants, which would undermine the housing market.

The United States imports large quantities of lumber from Canada. Trump has said he would impose a 25% tariff on all imports from Canada and Mexico.

“We don’t think any regulatory relief for homebuilders would happen immediately,” said Nancy Vanden Houten, U.S. lead economist at Oxford Economics. “Many of the regulations on residential building are imposed at the state and local level. Foreign-born workers who are not citizens comprise about 18% of the construction work force.”

Permits for future construction of single-family housing rose 0.1% to a rate of 972,000 units in November.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Foxconn discusses Nissan bid for electric vehicle expansion- WSJ
next post
Factbox-Global brokerages expect Fed to cut rates by 25 bps

You may also like

China central bank conducts 1.7 trln yuan of...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

ECB president fears loss of central bank independence

January 27, 2025

European tech shares tumble as China’s AI push...

January 27, 2025

Futures slip as investors eye China’s latest AI...

January 27, 2025

Markets may be repeating the mistake of 2019,...

January 27, 2025

How billionaire Caltagirone could influence Italy’s banking M&A...

January 27, 2025

How Italy’s MPS went from near collapse to...

January 27, 2025

Analysis-To weather Trump, emerging market investors look to...

January 27, 2025

Chinese AI startup DeepSeek overtakes ChatGPT on Apple...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • Japan stocks to benefit from local demand, UBS sees 5% upside in 2025
    • Peru and China to sign strengthened free-trade agreement in Xi’s APEC visit

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy