Housing starts jump 9.3% in November

Builders broke ground on a seasonally adjusted annual rate of 685,000 homes last month, a 9.3 percent jump from October.

December 20, 2011
housing starts, housing market, new home construction, multifamily construction

November saw a jump in apartment construction, the Associated Press reported. Builders broke ground on a seasonally adjusted annual rate of 685,000 homes last month, a 9.3 percent jump from October, the Commerce Department said Tuesday.

Permits rose 5.7 percent last month, boosted by a 16 percent jump in permits for apartment buildings.

The rise in permits provides hope for the housing market, though 2011 is still shaping up as a bad year for home builders.

Construction of single-family homes rose 2.3 percent in November, while apartment construction jumped 32 percent.

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