Last Update: 26-Nov-13 08:48 ET
- Building permit issuances increased in both September and October. Permits rose from 926,000 in August to 974,000 in September and 1.034 mln in October. The Briefing.com consensus expected 932,000 building permit issuances for both September and October.
- The jump in October brought permits to their highest level since June 2008.
- Delays from the government shutdown continue to plague the residential construction data. Reports on housing starts were not submitted on time, and the Census Bureau decided to push back the starts release until December 18. At that time, September, October, and November starts will all be released.
- The delays also prevented information the number of homes currently construction from being released. That data is used in GDP forecasts, making early estimates of fourth quarter GDP growth more unreliable than unusual.
- Since builders do not start construction on all of the new permits issued, it is unknown if the strength in permit demand will translate into gains in construction.