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The Department of Commerce will release its data on housing starts and building permits for November at 8:30 a.m. ET.
Economists forecast that home groundbreakings fell 7% at a seasonally adjusted annual rate of 1.23 million. That would be down from the nine-year high reached in October, although monthly housing-market data tend to be volatile.
Building permits for construction are expected to dip by 1.6% at a rate of 1.24 million, according to Bloomberg.
A report from the National Association of Homebuilders released Thursday showed that homebuilders’ confidence in market conditions surged to an 11-year high post-election. Their optimism was pegged on the belief that President-elect Donald Trump would ease regulatory burdens, which currently include zoning restrictions.
However, rising interest rates could impact the ease of access to credit. And, stricter immigration policies could reduce the supply of builders and increase wage inflation.
More to come …
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