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The Commerce Department said housing starts increased 3.3 percent to a seasonally adjusted annual rate of 1.297 million units in November 2017, with data indicating that the sector is still struggling with supply constraints.
Builders have have had difficulty meeting the robust demand for housing, fueled by a labor market near full employmen, limited supply of land and skilled labor, and lumber price increases. CNBC reports that single-family home building, the largest share of the housing market, rose to the highest level since September 2007, a 5.3 percent jump to a rate of 930,000 units.
Economists polled by Reuters had forecast housing starts decreasing to a pace of 1.250 million units last month. Overall building permits dropped 1.4 percent to a rate of 1.298 million units in November, pulled down by a 6.4 percent decline in permits for the construction of multi-family homes.
