Washington, D.C. -- Total housing starts increased 3.2% in November to a seasonally adjusted annual rate of 1.37 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department.
The November reading of 1.37 million starts is the number of housing units builders would begin if they kept this pace for the next 12 months. Within this overall number, single-family starts increased 2.4% to a 938,000 seasonally adjusted annual rate off downwardly revised estimates for recent months. The multifamily sector, which includes apartment buildings and condos, increased 4.9% to a 427,000 pace.