Single-Family Housing Starts Jump to 10-Year High

NEW YORK, NY - AUGUST 16: Construction laborers work on the site of a new residential building in the Hudson Yards development, August 16, 2016 in New York City. Home construction in the U.S. accelerated in July to the fastest pace in five months. While housing starts were up 2.1 …
Drew Angerer/Getty

New single-family home building soared 5.3 percent in November to the strongest pace in a decade, according to government figures released Tuesday.

The government said that ground was broken at an annualized rate of 930,0000 for new single-family homes in November, the fastest pace since September 2007.

Housing starts had been a laggard in the Trump-era economic boom. In the second and third quarter, residential construction was a drag on overall economic output. The strong figure for November will add to economic growth in the fourth quarter.

Single-family home starts have an outsized economic impact because on a per-unit basis they tend to spur more hiring than multi-family apartment buildings.

Overall residential starts, including apartments, rose 3.3 percent to an annualized rate of 3,3 percent. Economists had expected 3.1 percent.