Economic Growth

New Home Construction at Five Year High

Up 22.7 percent in November


New residential construction showed a substantial increase in the month of November, according to a report released by the Commerce Department on Wednesday, with housing starts jumping to their highest level in over five years.

The report said housing starts surged up 22.7 percent to a seasonally adjusted annual rate of 1.091 million in November from a rate of 889,000 in October. Economists had expected housing starts to come in at an annual rate of 955,000.