Single-Family Housing Starts Rise; Permits Mixed

Single-family starts showed continued growth in August but overall housing production fell 5.1% to a seasonally adjusted annual rate of 1.42 million units due to a double-digit percentage decline in multifamily production, according to a report from the U.S. Housing and Urban Development and Commerce Department. The pace of single-family starts in August was the highest production rate since February.

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July Housing Starts a Boost for Economy

In a further sign that housing continues to boost the economy, single-family and multifamily starts each posted solid gains in July, with total housing production up 22.6% to a seasonally adjusted annual rate of 1.50 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department. This is the highest production rate since February.

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Housing Shows Strength as Sales and Permits Rise

Consistent with National Association of Home Builders’ (NAHB) forecast, home building data are showing signs of leading an emerging economic rebound. While risks to the outlook remain, particularly in the form of local, rising virus spread and ongoing layoffs, the recession appears to have taken a short and sharp downturn, according to Chief Economist Robert Dietz.

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Victory Mountain Secures Frac Sand Permits

Victory Mountain Ventures Ltd. has entered into an option agreement, subject to the approval of the TSX Venture Exchange, whereby it may earn a 100 percent interest in eight Metallic and Industrial Minerals Permits totaling approximately 737 sq. km located west of Fort McKay, Alberta, Canada, in the Fort McMurray area of northeastern Alberta.

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