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WASHINGTON (AP) — A surge in apartment construction gave home builders more work in November.
There had been a significant increase in apartment construction in recent years.
But that was caused by a 21.3 percent decline in apartment construction, which can be volatile from month to month.
But most of the decline was in apartment construction, which tends to vary sharply from month to month.
A sharp increase in renters is fueling a boom in apartment construction, while the homeownership rate in America is at a 20-year low.
The Midwest had a gain of 5.6percentt, although that reflected strength in apartment construction; single-family building hit a record low in that region.
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Must be the slowdown in high-end apartment construction in Beijing has freed some up now that the Olympics have come and gone.
As president of Perlbinder Realty Corporation, he was a major force in high rise residential apartment construction in New York City for over half a century.
Even in a time of roaring apartment construction in Los Angeles, the new Circa complex downtown is hard to miss.
Construction of single-family homes rose 2.3 percent in November, while apartment construction jumped 32 percent.
It followed three months of gains, which were driven by increases in home and apartment construction.
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