Housing starts climbed 22.7% month over month in November to an annualized pace of 1.091 million.

Permits beat expectations, coming in at 1.007 million (but down from the original 1.034 million figure in October).

October's permits print was revised up to 1.039 million.

As ED&F Man Capital managing director Tom di Galoma pointed out to us in an email, this was the highest level of housing starts since February 2008.

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