US Home construction fell in November

US Home construction fell in November
19/12/2016 , by , in INTERNATIONAL

The Commerce Department says housing starts fell 18.7 percent last month to a seasonally adjusted 1.09 million. The decline likely reflected a natural regression after home construction soared 27 percent to 1.34 million homes in October.

Housing starts tend to extremely volatile on a monthly basis, but ground breakings have risen 4.8 percent so far this year. Most of the gains have come from single-family houses, as apartment construction has slipped.

Building permits fell 4.7 percent last month to an annual rate of 1.20 million.

A stable job market has pushed up demand for homes, while low mortgage rates have also contributed to increasing buying activity.

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