Contractor working in new home construction. (PHOTO: REUTERS)
The Commerce Department reported on Wednesday starts of new home construction gained 10.5% in November to an annualized rate of 1.73 million units, easily beating expectations for 1.14 million units. Building permits for new homes surged 11% to an annualized rate of 1.29 million units, also beating the median forecast calling for 1.15 million units.
