U.S. housing starts, permits surge

Housing starts in the U.S. rose 5.8 percent in December to an annualized rate of 1.669 million units, according to the U.S. Commerce Department. On a year-over-year basis, activity was up 5.2 percent. Economists polled by Reuters had projected a rate of 1.56 million units. Single-family homebuilding saw a 12 percent spike, with an annualized rate of 1.338 million units. Building permits for the month were up 4.5 percent to a pace of 1.709 million units.