WASHINGTON, DC — Builders ramped up the pace of housing starts to a seasonally adjusted annual rate of 1.70 million units in November, according to the U.S. Department of Commerce. This was a 2.4 percent increase from an upwardly revised rate of 1.66 million units in October.
"The housing market remains a true bright spot amidst the slowly reviving economy, and we're ending 2002 on a high note," said Gary Garczynski, president of the National Association of Home Builders (NAHB). "Prevailing market fundamentals are especially boosting builder confidence in the single-family sector."