Home building rebound beginning to take shape, government report shows

Construction on new homes rose to a seasonally adjusted annual rate of 584,000 in November, 8.9 percent above October’s figure, according to a Commerce Department report released today. The rebound fell short of matching the 655,000 rate registered in November 2008, and represents a 12.4 percent year-over-year decrease. The Northeast experienced the largest uptick in new residential construction, rising 16.4 percent on a month-over-month basis. Building in the South rose 12.3 percent, while the Midwest and West saw 3 and 1.9 percent increases, respectively. Homes were also granted building permits at a higher rate during the month, up 6 percent to 584,000 in November. October’s rate was 551,000, while the November 2008 estimate came in 7.3 percent higher at 630,000. TRD