NEW HOME CONSTRUCTION HITS PRERECESSION LEVEL

Construction of new U.S. homes rose 3.3% in November, largely powered by single-family houses being built at the strongest pace in more than a decade, the U.S. Commerce Department said. Home builders broke ground on new houses at a seasonally adjusted annual rate of 1.3 million units, marking the fastest building pace for new homes since September 2007, shortly before the start of the Great Recession.