U.S. Home Construction Surges

Washington, Rabi’II 21, 1438, Jan 19, 2017, SPA– U.S. builders increased home construction in December, led by a jump in apartment building, while single-family houses lagged, the government said Thursday.
The Commerce Department reported that housing starts surged 11.3 percent last month to a seasonally adjusted annual rate of 1.2 million.
The figures are volatile month to month as starts plummeted in November after a big gain in October.
Apartment construction soared 53.9 percent last month, while single-family housing starts dropped 4 percent.
The figures finish a solid 2016 for home construction. Developers began work on the most new houses and apartments since 2007, the year the Great Recession started. Single-family home building rose 3.9 percent and apartment building was 10.3 percent higher.
–SPA
18:24 LOCAL TIME 15:24 GMT