The November assessment of home builder sentiment rose to 70, up two points from October, signaling continued growth in confidence.
"Demand for housing is increasing at a consistent pace, driven by job and economic growth, rising homeownership rates and limited housing inventory," said National Association of Home Builders Chief Economist Robert Dietz, per CNBC. "We should see continued upward movement of the single-family housing market as we close out 2017."
Builders had been incredibly optimistic just after the 2016 presidential election, expecting that the new administration would ease regulations, which have been adding to builder costs. Instead, they continue to struggle with a growing labor shortage, as the administration's immigration stance has dissuaded immigrant workers from coming to the U.S.
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