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U.S. housing starts rise 10.5 pct in November

Xinhua, December 17, 2015 Adjust font size:

U.S. new home starts rebounded in November, and the building permits also surged in the month.

The U.S. Department of Commerce said on Wednesday that U.S. privately-owned housing starts were at a seasonally adjusted annual rate of 1,173,000 in November, rising 10.5 percent from the revised October figure, and 16.5 percent higher than the year-ago level.

Single-family housing starts in November were at a rate of 768,000, 7.6 percent higher than the revised October figure.

Privately-owned housing units authorized by building permits, a gauge of future construction, were at a seasonally adjusted annual rate of 1,289,000, an increase of 11 percent from the revised October rate.

The U.S. housing market continues to improve, despite the expectation for higher mortgage rates.

The U.S. Federal Reserve is expected to raise benchmark interest rate after concluding its two-day policy meeting Wednesday afternoon. Endit