U.S. Home Construction Spikes

By: Associated Press
By: Associated Press

The Commerce Department says developers began construction on houses and apartments in November at a seasonally adjusted annual rate of 1.09 million. 

WASHINGTON (AP) -- U.S. home construction has hit its highest pace in 5 years.

The Commerce Department says developers began construction on houses and apartments in November at a seasonally adjusted annual rate of 1.09 million.

That's the fastest pace since February 2008, just a few months after the recession began.

Construction of single-family homes jumped 21 percent, also the highest in more than five years.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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