Home Construction Soars
New federal data released today showed signs of continued growth in housing construction.
Building permits in November for privately-owned housing units rose 5.7 percent over October's report. And they were up nearly 21 percent above the government's estimate for November 2010, according to the Census Bureau and the Department of Housing and Urban Development (HUD).
Meanwhile, housing starts rose a robust 9.3 percent in November over the previous month and 24.3 percent from November 2010. Housing starts for single-family homes were up 2.3 percent to about 447,000. There were about 230,000 starts on buildings with at least five living units.
In the Northeast, building permits in November shot up 26 percent to about 81,000 units, most of them multifamily dwellings, indicating strength in the rental market. Permits for single-family homes rose only 5 percent.
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