The Commerce Department reports housing starts for October rose 13.7% to a seasonally adjusted annual rate of 1.29 million. Economists expected a 1.2 million rate. Big gains came in the South and the Midwest, partly due to the recovery from hurricanes. The Northeast was the biggest mover, up 42%, but that’s the smallest region for activity. Single-family starts rose 5.3%, and starts with five or more units were up 37.4%.
Treasury Department today called for an overhaul of the process for designating financial institutions as systemically important, a postcrisis label that subjects firms to stricter regulatory oversight. The report’s recommendations include reviewing the asset threshold for what defines a large financial institution, currently set at $50 billion and allowing companies targeted for the designation to make changes before additional supervision is applied and says a cost-benefit analysis should be part of the process.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.