US builders began work on fewer houses in November, partly because of Superstorm Sandy | iNFOnews | Thompson-Okanagan's News Source
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US builders began work on fewer houses in November, partly because of Superstorm Sandy

In this Friday, Nov. 16, 2012, photo, construction worker Miguel Fonseca carries lumber as he works on a house frame for a new home, in Chula Vista, Calif. U.S. builders broke ground on fewer homes in November after starting work in October at the fastest pace in four years. Superstorm Sandy likely slowed starts in the Northeast. The Commerce Department said Wednesday, Dec. 19, 2012, that builders began construction of houses and apartments at a seasonally adjusted annual rate of 861,000. That was 3 percent less than October's annual rate of 888,000, the fastest since July 2008. (AP Photo/Gregory Bull)

WASHINGTON - U.S. builders broke ground on fewer houses in November after starting work in October at the fastest pace in four years. Superstorm Sandy likely slowed starts in the Northeast.

The Commerce Department says builders began construction of homes at a seasonally adjusted annual rate of 861,000. That's 3 per cent lower than October's annual rate of 888,000, which was the fastest since July 2008.

Housing starts fell 5.2 per cent in the Northeast in November compared with October. And compared with a year earlier, starts are down nearly 26 per cent in the Northeast, the only region to record a drop in the past year.

Still, overall construction remains healthy. Housing starts were 21.6 per cent higher last month than in November 2011. And permits rose to 899,000, the most since July 2008.

News from © The Associated Press, 2012
The Associated Press

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