Home construction up after 2 months of declines

Home construction nudged up in November after two months of declines.

Builders broke ground last month on a seasonally adjusted 555,000 units, a 3.9 percent rise from October, the Commerce Department reported Thursday.

Even with the gain, housing starts are just 16 percent above the 477,000 unit pace from April 2009 — the lowest point on records dating back to 1959.

And they are down 76 percent from their peak in January 2006, and 45 percent below the 1 million annual rate that analysts say is consistent with a healthy housing market.

All the activity last month came from building single-family homes. They increased to a pace of 465,000 units, a 6.9 percent rise from October. Apartment construction fell 9.1 percent to a unit pace of 90,000.

Read Full Article from The Associated Press

- Posted: 2010-12-16 09:28:20

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