Housing Starts Up In November

New construction of U.S. houses rose 9.3 percent in November to a seasonally adjusted annual rate of 685,000, with multi-family activity leading the growth.  This is the highest annual rate since April 2010.  Economists polled by MarketWatch had expected an annual rate of 635,000 for starts in November.  Starts for multi-family residences rose 32.2 percent in November to a rate of 230,000, the highest level since September 2008.  Starts for single-family homes rose 2.3 percent to an annual rate of 447,000.  Building permits, a leading indicator of housing construction, rose 5.7 percent to a seasonally adjusted annual rate of 681,000, the highest annual rate since March 2010.

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