The numbers: Builders began construction on new homes in the U.S. at a pace of 1.37 million in November, the Commerce Department said Tuesday. This represented a 3.2% increase from a revised 1.32 million in October and was 13.6% higher than a year ago.
Meanwhile, permitting activity hit yet another post-recession high. Building permits for privately-owned housing units were authorized at a seasonally-adjusted rate of 1.48 million. That was 1.4% above the pace of 1.46 million set in October and 11.1% above last year’s rate…..Read More