US DATA: Nov housing starts +9.3% to 685k and permits +5.7% to 681k,
well above expectations. Starts strength was centered in 5+ units at
+32.2% after -20.2%r in Oct. But 1-fam starts were +2.3%, and continue
to advance on gains in the West and NE. 1-fam starts are weak only in
the MW (-14.5%) and South was -1.3%. The YOY gain is +24.3% in starts
and appears to be gathering momentum. Permits were +1.6% for singles
and +16.1% for 5+ units, and apartment building appears to be gaining
in the NE and W. Completions were -5.6% and units under construction
+1.9%, hardly robust. But overall the numbers show continued
improvement into Q4.