(Census Bureau) Housing starts for privately owned units increased by 11.8% in November from October to 1.679 million, higher than the projected 3.1% gain.
The housing starts have now risen by 8.3% from November 2020 level.
Building permits also improved by 3.6% to a higher of 1.712 million. The permits are 0.9% above last year.
Housing completions saw a 4.1% uptick in November to mark a higher 1.282 million. The completions are now 3.1% above last year.
The increase in housing starts is seen being fueled by the desire for more space in the pandemic era, low mortgage rates, and lack of alternatives in the resale market despite record prices in the sector.
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