US Housing Starts Climb in November
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Crowe sees “a gradual, consistent recovery” in housing construction.
WASHINGTON, DC—Hours before Federal Reserve Chairman Janet Yellen is due to announce whether the Fed will begin raising interest rates, news from the residential sector provides further evidence of economic improvement that may prompt the Fed to act. Led by new single-family construction, housing starts rebounded in November, with single-family posting its best results since January 2008 and multifamily up 16.4% from October, according to Commerce Department figures.
November’s topline figure was an annualized rate of 1.17 million, up 10.4% from the previous month. That topped the median estimate of 81 economists surveyed by Bloomberg, which called for a rate of 1.13 million. It represented a 10.5% increase from October and a 16.4% increase year over year…
