The number of new home construction rose in November to show signs of improvement in the housing industry. New home construction last month increased at a seasonally adjusted annual rate of pace of 555,000 units. That was a 3.9 percent increase from October, the Commerce Department said Thursday.
Compared to same month last year, it was 5.8 percent below.
All the construction activity last month came from building single-family homes. They increased to a pace of 465,000 units, a 6.9 percent rise from October. Apartment construction fell 9.1 percent to a unit pace of 90,000.
Housing permits which is an indicator of future housing activities fell in November. There were 530,000 permits issued, which was 4 percent down both compared with October and and 14 .7 percent below last year’s level.