Building Permits Increase as U.S. Housing Rebounds: Economy

The number of building applications issued in November rose to a four-year high, a sign the U.S. housing-market recovery will extend into 2013.

Permits, a proxy for future construction, climbed 3.6 percent to an 899,000 annual rate, the most since July 2008 and exceeding the 875,000 median forecast of 58 economists surveyed by Bloomberg, Commerce Department figures showed today in Washington. While housing starts fell 3 percent to an 861,000 pace, the average rate from September through November was the strongest since the three months ended August 2008.