Construction picks up in apartments and single-family homes, suggesting builders expect steady sales
Builders are stepping up home construction broadly across the U.S., suggesting the housing market will help anchor the economy amid global turbulence and a likely rise in interest rates.
Builders broke ground on 1.173 million units, when calculated at a yearly rate, in November, up 10.5% from a month earlier, the Commerce Department said Wednesday. Construction climbed at roughly the same pace in the first 11 months of the year compared with the same period in 2014.
