December’s Housing Starts up 9.3%
US Commerce housing statistics for November have revealed a huge rise in housing starts lead by multifamily dwellings. The strong demand for apartment and condo rentals is behind the increase. The good news pushed stock markets up strongly in trading on December 20. With foreclosure rates still high, many Americans are turning to rentals. New unit construction surged 25% in November to an annual rate of 238,000, the highest level since September 2008.
The Commerce Department says builders started (on a seasonally adjusted annual rate of 685,000 homes in November), a 9.3 percent jump from October’s totals which are the highest level since April 2010. It’s a far cry from the 1.2 million homes needed to support a healthy economy, but the trend has been upward for some time now.
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