One month after the fastest pace since 2008, single-family construction declined
Last month’s overall residential building rate slowdown can be blamed on single-family construction, government data suggests.
According to MarketWatch, a U.S. Commerce Department report indicated that overall construction started on new U.S. homes declined 1.6 percent in November to an annual pace of 1.03 million from 1.05 million in October. Single-family homes fell 5.4 percent from October’s pace, which was the fastest since 2008. The pace in buildings with at least five units rose 7.6 percent.