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 percent to an annual pace of 727,000, also the highest in more than
five years. Apartment construction soared 26 percent to a 354,000 annual pace.
Permits for future building slipped 3
percent 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.