Housing Starts Near Six-Year High in November

Washington, DC,  Dec. 18, 2013 -- Housing starts in November hit their highest level in nearly six years, according to the Commerce Department.

The government said housing starts surged 22.7%, the biggest increase since January 1990, to a seasonally adjusted annual rate of 1.09 million units.

It was also the highest level since February 2008.

The department also said starts rose 1.8% in October but fell 1.1% in September. Those reports had been delayed by the government shutdown this fall.

Starts for single-family homes rose 20.8% to a 727,000-unit pace, the highest level since March 2008.

Multi-family starts jumped 26.8% to a 364,000-unit rate.

New permits fell 3.1% in November to a 1.01 million-unit pace, but that was above economists' expectations for a 990,000-unit pace.