U.S. home construction jumps 11.8% in November

U.S. homebuilding surged to an eight-month high in November 2021 amid an acute shortage of properties on the market, though higher prices for raw materials and labor shortages remain a constraint.

Housing starts increased 11.8% to a seasonally adjusted annual rate of 1.679 million units last month, the highest level since March, the U.S. Commerce Department said. Data for October was revised down to a rate of 1.502 million units from the previously reported 1.520 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 2020.