WASHINGTON – A big jump in apartment construction in the Midwest and South boosted the pace of homebuilding in November, marking a solid bounce back after tumbling in October.
The Commerce Department says total housing starts — both houses and apartments — climbed 10.5 last month to a seasonally adjusted annual rate of 1.17 million homes.
Single-family house construction rose 7.6 percent last month, while the building of multi-family complexes, primarily apartments, advanced 18.1 percent.
Home construction has climbed a healthy 11 percent year-to-date. The market has been choppy in recent months, but the gains for much of the year reflect steady job growth.
Building permits rose 11 percent in November to an annual rate of 1.29 million, with almost all of the increase coming from apartments.