Home construction grows in November as signs point to lower rates

In the midst of a nationwide housing shortage, home construction showed a pronounced growth in Alabama and the nation last month, according to the U.S. Census Bureau. “Single-family home starts hit a 19-month high of 1.145 million units in November,” said Jeremy Walker, CEO of Alabama Realtors. “That was up 18% from October and 9.3% from November 2022.” Walker said that there are two factors that could help to continue the trend of growth. “Decreasing mortgage rates are a key factor in the recent surge of new home construction,” he said. “Potential Federal Reserve rate cuts in 2024 could signi