Home building south of the border fell more than expected in November, tumbling from a nine-year high as construction activity declined broadly.
Numbers revealed Friday by the U.S. Commerce Department showed groundbreaking on new housing projects dropped 18.7% to a seasonally-adjusted annual rate of 1.09 million units. October's starts were revised up to a 1.34 million-unit rate, the highest since July 2007.
Economists forecast housing starts slipping to a 1.23-million-unit rate in November from the previously reported 1.32-million pace. Starts fell in all four regions last month. Housing starts data is volatile on a monthly basis.
The housing market in the States remains on solid ground even as mortgage rates have jumped to more than two-year highs following the election of Donald Trump as the next president. A survey on Thursday showed homebuilders' confidence in December soaring to its highest level since July 2005, with builders anticipating strong sales.
