US home construction rebounds a strong 11.8% in November

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — New home construction in the U.S. rebounded 11.8% in November, as strong demand continues to boost builder confidence even with the slower winter season approaching. The double-digit percentage increase last month left home construction at a seasonally adjusted annual rate of 1.68 million units, an 8.3% increase from the rate at this time last year, the Commerce Department reported Thursday. October’s home construction number was revised downward slightly to 1.5 million units from 1.52 million units. Applications for building permits, a barometer of future activity, rose 3.6% in November to 1.71 million units and is 0.9% above the rate in November of 2020.