Education Standpoints


Census Bureau reported Wednesday . Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.545 million in October, unchanged from September. Economists polled by MarketWatch had expected housing starts to occur at a pace of 1.49 million and building permits to come in at a pace of 1.57 million. What happened: The upsurge in housing starts was driven by a 6.4% rise in single-family starts, as multifamily construction activity dipped once again, this time by 3.2%. All regions except the Northeast experienced an increase in housing starts despite rising coronavirus cases across many parts of the country, led by the 12.9% increase in the South. Permitting rose slightly in the South, West and Midwest, but fell markedly in the Northeast. The big picture: The housing starts report follows yesterday’s release of the November home builder confidence index from the National Association of Home Builders. The index inched higher for the fourth consecutive month, demonstrating the upbeat outlook in the construction industry. Indeed, virtually every home builder is seeing rising sales as Americans look to leave urban areas for larger homes in the suburbs only to find very few existing homes up for sale.


London’s Canary Wharf area, where many financial firms are based. Brexit is changing how banks in Britain do business in the European Union.  That stance spurred an outraged response from none other than the governor of the Bank of England, Andrew Bailey, who in September complained to members of Parliament about Brussels’s behavior. “I just do not see how we can have an equivalence process where the E.U. essentially says, ‘We’re not even going to judge equivalence at the moment, because our rules are going to change,’” Mr. Bailey said. “What does that mean, really? It means that they think this is a rule‑taking basics process.” (The accusation of “rule-taking” is often the ultimate put-down in these talks, meaning that one side is dictating rules to the other.) The disharmony is underscored by the fact that, unlike the rules that governed pre-Brexit, these regulatory decisions are made unilaterally and can be revoked with short notice. The lack of agreements mean London will lose financial jobs as a result of Brexit. Even before the year-end deadline, E.U. regulations are compelling banks to shift workers, and capital, to the continent. The movement of decision makers is important: In the event of a crisis, Europe’s bank overseers don’t want critical people to be somewhere offshore, even if it’s London. Overall, since mid-2016, financial firms have shifted $1.6 trillion in assets out of Britain, according to EY.