U.S. new-home construction grew 3.2% in November to a seasonally adjusted annual rate of 1.365 million units, hitting a 10-month high, according to cnbc.com.
Economists had expected housing starts to increase to a pace of 1.345 million units in November. The November rate increased 13.6% compared with November 2018.
Single-family starts rose 2.4% to 938,000 units, and multifamily starts increased 4.9% to a rate of 427,000 units. Building permits rose 1.4% to a 1.482 million annualized rate, reaching the highest level since May 2007.
Data for October was revised up to show homebuilding rising to a pace of 1.323 million units instead of the 1.314 million units previously reported.
Builders reportedly complained they are “still underbuilding due to supply-side constraints like labor and land availability.”