Housing starts increased 1.2% in November to a seasonally adjusted annual rate of 1.547 million units, according to www.cnbc.com. The rate was higher than economists’ expectations of 1.53 million units.
Applications for building permits, a good indication of future activity, rose 6.2% to 1.639 million units.
Single-family starts grew 0.4% to 1.186 million units, and multifamily starts grew 5% to 352,000 units.
The growth indicates continued housing market strength even as the broader economic recovery is slowing amid a resurgence in new COVID-19 cases and lack of additional government money.
