Posted on Tuesday, December 10th, 2013 at 9:49 pm
A report published in the New York Post on Wednesday, December 13 revealed U.S. home construction in November hit its highest pace in the past five years, which shows the recovery of the housing industry is continuing despite higher mortgage rates.
The Department of Commerce stated that home construction in the country soared 22.7% last month. Economists believe this was due to a steady job growth in the country and the adaptive attitude of home builders and buyers towards price adjustments in the home construction industry.
The Department of Commerce also revealed construction of single-family homes climbed 20.8% last month, the highest since November 2008. Meanwhile, construction of five-unit buildings also climbed 26% within the same month.
The National Association of Home Builders is hoping for a steady improvement in the home construction industry this coming year.
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