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U.S. housing starts rebound in December

Xinhua, January 22, 2015 Adjust font size:

U.S. homebuilders broke ground on more houses in December 2014, but applications for building permits continued falling in the month, U.S. Department of Commerce reported Wednesday.

U.S. privately-owned housing starts were at a seasonally adjusted annual rate of 1,089,000 in December. It was 4.4 percent above the revised-up November's estimate and 5.3 percent higher than the year-ago level.

Single-family housing starts in December were at a rate of 728, 000, surging 7.2 percent from November, the highest level since March 2008.

Privately-owned housing units authorized by building permits, a gauge of future construction, were at a seasonally adjusted annual rate of 1,032,000, down 1.9 percent from the revised November rate.

Analysts note improving labor market, rising consumer confidence and low mortgage rates will probably sustain demand for residential houses. Endite