Reported 3 days ago
US new-home construction fell unexpectedly in November, reaching its lowest level in four months, driven by a significant decline in multifamily projects. Housing starts decreased by 1.8% to an annualized rate of 1.29 million, contrary to forecasts. While single-family home construction rose 6.4% largely due to recovery in the storm-affected South, overall new construction dropped in most regions. High borrowing costs also constrained housing demand, despite a slight increase in building permits for future construction.
Source: YAHOO