Single-family residential construction rose nearly two percent in November to a seasonally-adjusted rate of $175 billion, $3 billion more than in October, according to information derived by nationalmortgagenews.com from Census Bureau data. Compared to a year ago, spending on land development and home building rose rose almost 17 percent from a year ago. Economists Stephanie Karol and Patrick Newport from Global Insight say, “Private spending on single-family homes recovered nicely after a small drop in October, rising 1.8 percent month-on-month.” Meanwhile, spending on multifamily projects marked its lowest growth in four months. MHProNews has learned the combination of private multifamily and single-family construction reached $345.5 billion in November, its highest level since July 2008.
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