Groundbreaking for new U.S. home construction jumped 8.9% at a seasonally adjusted annual rate in November and housing permits increased 6.0% as the inventories for both components fell to record lows, the Commerce Department reported yesterday.
Housing starts increased to 574,000, the highest level since June, from a downwardly revised 527,000 in October.
The initial report was for 529,000 starts.
Building permits increased to 584,000, the highest level since May, from a downwardly revised 551,000 in October. The initial report was for 552,000 permits.
Economists polled by Thomson Reuters expected 580,000 housing starts and 570,000 building permits, according to the median estimate.
