US housing starts and building permits beat forecasts

(Sharecast News) - US housing starts and building permits both came in better than market expectations for October, according to figures from the Census Bureau and Department of Housing and Urban Development. Permits for new construction projects on private housing increased by 1.1% after a revised 4.5% slump in September.

Permits increased from 1.471m to 1.487m, surprising analysts who had expected a drop to 1.450m.

Meanwhile, housing starts rose by 1.9% to 1.372m, slowing from the 3.1% growth in September but ahead of the 1.350m consensus estimate.

Stock futures were mostly higher ahead of the opening bell on Wall Street, with the Dow Jones Industrial Average up 0.3%, the S&P 500 rising 0.2% and the Nasdaq more or less flat.