Housing Starts Surge 15% in November to Fastest Pace Since May as Builders Rush to Meet Demand
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Housing starts in November (1.56 million) shot past expectations (1.36 million) and were 15% higher than October. It's the highest level since May.
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Single-family housing starts increased 18% compared to October.
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Building permits dipped slightly in November to 1.46 million, down from a revised 1.5 million in October.
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Falling mortgage rates in November pushed homebuilder sentiment higher, leading to faster paced construction.
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The data shows builders rushing to meet demand despite high borrowing costs having little impact.