2014 started with a bang of positive economic data.

As the new year began, manufacturing and housing reports this week showed a stronger economy as last year wound down — potentially a good sign for growth this year.

This centerpiece of this week’s data signaled that American manufacturing companies ended 2013 with the largest increase in new orders in more than two-and-a-half years. The Institute for Supply Management’s gauge of manufacturing hit 57% in December, a tick down from November, but still a strong result. Similarly, a separate report from Markit showed that its manufacturing gauge in December reached an 11-month high, signaling that manufacturing finished 2013 by wrapping up one of its best quarters since the recession’s end.

“Business spending is picking up on the back of rising confidence, which adds to the sense that the recovery is being more self-sustaining,” Chris Williamson, Markit’s chief economist said.

And here’s a highlight: ISM and Markit agree that manufacturing employment accelerated last month. ISM’s manufacturing-employment gauge in December reached the highest level since mid-2011, a welcome trend for 2014 as economists look for broad jobs growth to strengthen this year.

—Text and charts by Ruth Mantell

Next: Pending home sales break streak of slumps

Elsewhere in the economy, housing data this week showed that the market recently continued to rebound, despite rising mortgage interest rates and regulatory uncertainty.

The National Association of Realtors reported that pending sales of homes slightly rose in November, the first gain in six months, signaling that future activity could tick higher. NAR expects sales in 2013 to be the highest in seven years, with buyers becoming accustomed to pricier properties, and job growth supporting demand.

“We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014,” said Lawrence Yun, NAR’s chief economist.

Next: Private construction spending ramps up

Here’s more evidence that builders and buyers are staying in the housing market in the face of headwinds: Home-construction spending recently hit the fastest pace since 2008.

Private spending on residential construction reached a seasonally adjusted annual rate of $346 billion in November, the fastest pace since June 2008, and up 17% from a year earlier, according to U.S. Commerce Department data.

“Fears that the rise in mortgage rates could dampen the housing recovery have been put aside,” said Anika Khan, senior economist with Wells Fargo Securities.

Construction spending on private nonresidential projects also rose in November, with large annual gains for offices and commercial spaces.

“That would not be happening unless employment was expanding and consumption was accelerating,” said Neil Dutta, head of U.S. economics at Renaissance Macro Research.

Meanwhile, spending on public construction projects ticked down 0.2% over the past year.

Next: Settlement payday for Fannie and Freddie

One major source of housing-market uncertainty is the achingly slow evolution of federally controlled mortgage buyers Fannie Mae FNMA, +2.51% and Freddie Mac FMCC, +1.84% , with Congress divided over how to move forward with housing-finance reform.

In the meantime, Fannie and Freddie are raking in mortgage-related settlement dough. The Federal Housing Finance Agency, Fannie and Freddie’s regulator, said this week that it collected almost $8 billion last year over private-label securities bought between 2005 and 2007.

Next: Home prices climb in 2013

Home prices sprinted higher in 2013, though growth may slow this year as inventories expand.

But, as with all things real estate, differences between local economies will translate to different demand and supply issues and home-price growth. Some areas, such as Denver, have recently set new local peaks, according to S&P/Case-Shiller data. Separate data show that home prices in 10 states have hit fresh peaks this year.

Meanwhile, prices in other areas are still far below bubble levels. Las Vegas’s home prices, for example, remain about 46% below the local peak level.