U.S. homebuilding exceeds expectations in November

WASHINGTON ― U.S. housing starts rose by 3.2% to a seasonally adjusted annual rate of 1.365 million units in November, according to the U.S. Commerce Department. Single-family construction reached a 10-month high, while multi-family starts rose for a second consecutive month. October’s estimate was revised upward, showing an increase to a rate of 1.323 million units instead of 1.314 million. Economists anticipated a rate of 1.345 million units for November in a Reuters poll. Year-over-year, housing starts spiked by 13.6%. Building permits for the month rose by 1.4% to a rate of 1.482 million units, the highest level since May 2007. Single-family housing permits were up 0.8% to a rate of 918,000 units, their highest rate since July 2007.