US home construction edges higher in November
US home construction edges higher in November
Washington - Egypt Today
Construction of new US homes rose for the second straight month in November, with the volume of single-family houses started hitting a 10-year record, according to government data released Tuesday.
The upward movement brought the pace of total home building to a 13-month high, driven in large part by soaring construction in the fire-stricken western US, the Commerce Department said in its monthly report.
The supply of housing in the pipeline tightened, however, with permits for new building falling slightly from November.
Analysts say supply in the US housing market has failed to keep pace with the demand produced by the current economic recovery and November's results suggested natural disasters are driving some gains in construction.
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