Groundbreaking on new homes rose to the highest level in about a year and a half in November, according to Commerce Department data released today.
Housing starts surged 9.3% to a 685,000 unit seasonally adjusted annual rate.
Single-family starts rose 2.3%, while multi-family housing starts rose 32.2% in November.
Investors will be watching homebuilder stocks today to see if they are boosted by the news.
The SPDR S&P Homebuilder ETF (AMEX:XHB) includes top holdings like Ryland Group (NYSE:RYL) and Lennar (NYSE:LEN), as well as home-improvement related stocks like Lowes (NYSE:LOW) and Home Depot (NYSE:HD).
The iShares Dow Jones U.S. Home Construction Index Fund (AMEX:ITB), with top holdings DR Horton (NYSE:DHI) and NVR (NYSE:NVR) may also trade on the news.
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