Multifamily Unit Building Surges in November

Housing starts rose a solid 2.2% in November to a seasonally adjusted annual rate of 1.56 million units, the biggest jump since February, the Commerce Department said. The surge relied entirely on a 12.9% jump in starts of apartments, condos and other multifamily housing. New construction of single-family homes fell by 0.4%, the third monthly decline in a row. In October, housing construction fell 0.6%. In November, housing starts were down in all regions of the country except for the West, where they climbed 28%. Builders and analysts said cheaper mortgage rates in recent months have helped the housing market stay healthy even as growth in the overall economy has cooled.