U.S. homebuilding rebounded in November, driven by a surge in multi-family housing projects, but construction of single-family homes fell to a 1½-year low, pointing to deepening housing market weakness that could spill over to the broader economy.
The report from the Commerce Department on Tuesday also showed housing starts fell in October instead of rising as previously reported. Underscoring the housing market weakness, single-family home completions dropped for the third straight month in November to their lowest level in more than a year.
