The high demand for homes and low supply of them means housing should keep boosting the U.S. economy, even during a recession, according to economists.
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.
What happened: Housing starts increased for both single-family and multifamily structures . Regionally though, housing starts varied significantly. Only the West saw an uptick in single-family starts, and the West and the South were the only two regions to experience overall increases in new-home construction. Housing starts fell in both the Northeast and the West.
The big picture: The November housing starts and permits data were yet another indication that low mortgage rates continue to provide upward lift for the housing industry. The low cost of debt has revived interest in home buying among many Americans, which was flagging in the face of affordability challenges.
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