IE Business Daily Business news for the Inland Empire.
U.S. housing starts dropped 1.6 percent in November, but don’t panic: the nation’s housing market is still in recovery mode.
Slightly more than one million housing projects began construction nationwide, as the single-family and multi-family markets effectively offset each other, according to data released recently by the U.S. Department of Housing and Urban Development and the U.S Census Bureau.
Single-family starts dropped 5.4 percent last month, while multi-family starts rose 6.7 percent during that time. Also, the three-month averages for total and single-family production were at their highest levels since the recession began.
Housing construction has increased steadily during 2015, said Kevin Kelly, chairman of the Washington. D.C.-based National Association of Home Builders.
“These numbers are in line with our latest surveys, which show that single-family builders are confident that the market is gradually recovering,” Kelly said in a statement released Tuesday.
The association is predicting increased housing production next year.
