According to the U.S. Commerce Dept., housing construction climbed by 8.2% in November, reaching its highest level since January ’01, thanks no doubt to mortgage rates that continued to remain low, housing values that continued to appreciate, and fall weather that continued to be balmy.
As it happens, the 8.2% jump followed a 4% decline in housing construction the month before.
In November, construction of single-family homes increased 3.2% percent, to a rate of 1.26-million units, after a 3.4% decline in October. And multifamily construction took off by 30.1% to reach a level of 346,000 units, after having dropped 2.9% in October.
By region, housing starts climbed by 20.1% in the Northeast to a rate of 173,000 and soared by 20.5% in the Midwest to a rate of 382,000. In the West, they rose by 12.7% to a rate of 372,000. In the South, however, they dropped by 1.6% to a rate of 718,000.