US home construction soars to fastest pace in 5 years as builders shrug off higher rates - InfoNews

Current Conditions

Sunny
2.3°C

US home construction soars to fastest pace in 5 years as builders shrug off higher rates

December 18, 2013 - 5:34 AM

WASHINGTON - U.S. builders broke ground on homes at the fastest pace in more than five years, evidence the housing recovery is accelerating despite higher mortgage rates.

The Commerce Department says developers began construction on houses and apartments in November at a seasonally adjusted annual rate of 1.09 million. That's the fastest pace since February 2008, just a few months after the recession began.

Construction of single-family homes jumped 21 per cent to an annual pace of 727,000, also the highest in more than five years. Apartment construction soared 26 per cent to a 354,000 annual pace.

Permits for future building slipped 3 per cent to just over 1 million, down from 1.04 million in October. The drop reflected a decline in apartments, which can be volatile. Permits for single-family homes rose.

News from © The Associated Press, 2013
The Associated Press

  • Popular kelowna News
  • Comments
  • Pier 1 closing all of its stores in Canada
    Pier 1 Imports, Inc. announced today that it has entered into bankruptcy protection and is pursuing a sale. The retailer  commenced voluntary Chapter 11 proceedings in the U.S. Bankrupt
  • Vernon's Atlantis waterpark gets a new name
    A popular Vernon waterpark is starting its transformation with a new name. Formerly known as Atlantis Waterslides, the waterpark, located north of the city along Highway 97, has been renamed
  • Killing of 7-year-old girl stokes anger in Mexico
    MEXICO CITY - The killing of a 7-year-old girl on the southern outskirts of Mexico City has stoked rising anger over brutal slayings of women, including one found stabbed to death and skinned earl
  • Mammoth's tooth found in Williams Lake and preserved for decades by B.C. family
    What was once part of a mammoth-sized smile now is a very old conversation starter in Bryan Johnson's Vancouver home. Johnson's stepfather found a mammoth tooth in a creek at the sou
  • Vernon family captures mesmerizing melting ice
    A Vernon family was on their way home from Kelowna when they made a pit stop after noticing a beautiful scene along Wood Lake. Matthew Royal and his daughters noticed how “cool”
View Site in: Desktop | Mobile