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Tuesday
Dec202011

Housing Starts Rise by 9.3%, Highest Level Since April 2010

Brand X Pictures/Thinkstock(WASHINGTON) -- Builders broke ground on 9.3 percent more homes in November than they did in October, marking the highest increase in housing starts since April 2010, according to the latest government report released Tuesday.

The U.S. Department of Commerce says construction began last month on a seasonally-adjusted rate of 685,000 new homes across the country, with 447,000 of them being single-family homes.  The figure exceeded economists' expectations, who, according to a Bloomberg survey, predicted housing starts would have fallen between 600,000 to 655,000.

Furthermore, in a sign of future home construction, the report also shows that building permits rose in November, jumping to 681,000 -- a 5.7 percent increase from October.

Copyright 2011 ABC News Radio

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