By Ruth Mantell, MarketWatch
WASHINGTON (MarketWatch) — New construction of U.S. houses rose in November to the highest annual rate since April 2010, with multi-family activity leading the monthly growth, according to data released Tuesday by the Commerce Department.
Housing starts rose 9.3% last month to a seasonally adjusted rate of 685,000 — the highest annual rate since April 2010.
Starts for units in buildings with at least five units rose 32.2% in November, climbing to a rate of 230,000, the highest level since September 2008. Meanwhile, starts of new single-family homes rose 2.3% to an annual rate of 447,000.
Starts in October were revised down to 627,000 from a prior estimate of 628,000. Economists polled by MarketWatch had expected an annual rate of 635,000 for starts in November. Read economic calendar.
Meanwhile, building permits, a leading indicator of housing construction, rose 5.7% in November to a seasonally adjusted annual rate of 681,000, the highest annual rate since March 2010.
Building permits for single-family homes rose 1.6% on the month to a 435,000 rate. Many economists consider single-family permits to be the most important number in the government’s release.
In the past year, overall starts are up 24.3%. Starts of units in buildings with at least five units have gained a record 180.5%, with the data going back to 1959. Meanwhile
However, starts of single-family homes are down 1.5% for the year.
