Single-Family Housing Starts Jump to 10-Year High

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.