US housing starts total 1.297 million in Nov, vs 1.25 million starts expected

CNBC
December 19, 2017
Category: Business & Politics
Region: United States

U.S. homebuilding unexpectedly rose in November, with the construction of single-family housing units surging to a 10-year high, but revisions to the prior month’s data indicated the sector was continuing to struggle with supply constraints. Housing starts increased 3.3 percent to a seasonally adjusted annual rate of 1.297 million units, the Commerce Department said on Tuesday. That was the highest level since October 2016. But October’s sales pace was revised down to 1.256 million units from the previously reported 1.290 million units. …Homebuilding has weakened this year, reflecting supply bottlenecks. Demand for housing, however, remains robust amid a labor market that is near full employment. Builders have struggled with land and labor shortages as well as more expensive lumber. Activity also took a hit from recent hurricanes that devastated parts of the heavily-populated South.

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