The housing industry is cheering to the holiday tune as the new building permits and housing starts have been glowing in November. According to chief economist Jonathan Smoke, the number of housing starts in November was beyond expectations.
"This was the first solid and meaningful report on new construction we've seen since the early Spring," he said.
The number of new building permits issued during the month of November surged 11 percent from October, and is 19 percent higher than in November last year.
According to the Realtor news report, ever since the housing crash, the housing market has climbed out of its deep pit this month of November. It was reported by the National Association of Home Builders that the builders' confidence index has remained strong and steady, has improved job creation, and is promising economic growth.
Aside from the continuous growth of house constructions in November, there is also an increase in growth in apartments and condominiums - rising 30.8 percent month over month, and 38.9 percet year over year.
The rising positive development in the real estate market is a good sign for the country's economy.
"This is precisely the direction we need to address the fact that we have a housing shortage that is causing both prices and rents to increase, and the pace of new construction has not been keeping pace with the rate of household formation," Smoke said.
It's also good news for the broader economy, he added, making up the weaknesses in the energy and manufacturing sectors.
In November, there was a big jump in apartment construction in the Midwest and South, which marked a bounce from the previous month.
Total housing starts for both houses and apartments, climbed 10.5 percent last month, says The Commerce Department, as reported by Fox News.
Single-family house construction also rose 7.6 percent, while the building of multi-family complexes including apartments, rose to 18.1 percent on the same month of November.
Building permits also climbed to 11 percent last month to an annual rate of 1.29 million.
