U.S. housing starts rise unexpectedly

U.S. housing starts rose by 1.4 percent in December to an annual pace of 1.7 million units, according to the U.S. Commerce Department. November’s estimate of 1.679 million units was revised downward to 1.678 million units. In a Reuters poll, economists expected starts to decline to a rate of 1.65 million units. Building permits for the month surged by 9.1 percent to a rate of 1.87 million units.