Housing starts in the U.S. hit their highest level in longer than a year in November, thanks largely to a spike in single-family home construction in the South and West.
Starts rose 3.3 percent in November compared to October, hitting a seasonally adjusted annual rate of 1.297 million, while residential building permits dropped 1.4 percent, hitting an annual pace of 1.298 million, according to the Wall Street Journal.
New single-family home construction in the South and West hit their highest monthly rates since July 2007, while housing starts in October were revised down to an annual pace of 1.256 million.
Starts in the first 11 months of the year were up 3.1 percent compared to 2016, while permits went up 5.8 percent compared to last year. Single-family home building has been close to its highest levels since before the recession started, while construction of larger buildings has slowed down.
Home builders appear to feel good about the market, with their confidence hitting its highest level in more than 18 years this month, according to the National Association of Home Builders. [WSJ] – Eddie Small