Publication Date:
Tue, 2011-12-20 09:58
Article Image:
Starts and permits both surge, thanks to apartment construction.
November saw a jump in apartment construction, the Associated Press reported [1]. 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.
To read more, click here [1].
