Housing Starts Increased to 1.679 million Annual Rate in November
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From the Census Bureau: Permits, Starts and Completions
Housing Starts:
Privately‐owned housing starts in November were at a seasonally adjusted annual rate of 1,679,000. This is 11.8 percent above the revised October estimate of 1,502,000 and is 8.3 percent above the November 2020 rate of 1,551,000. Single‐family housing starts in November were at a rate of 1,173,000; this is 11.3 percent above the revised October figure of 1,054,000. The November rate for units in buildings with five units or more was 491,000.Building Permits:
Privately‐owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,712,000. This is 3.6 percent above the revised October rate of 1,653,000 and is 0.9 percent above the November 2020 rate of 1,696,000. Single‐family authorizations in November were at a rate of 1,103,000; this is 2.7 percent above the revised October figure of 1,074,000. Authorizations of units in buildings with five units or more were at a rate of 560,000 in November.
emphasis added
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (blue, 2+ units) increased in November compared to October. Multi-family starts were up 37% year-over-year in November.
Single-family starts (red) increased in November, and were down 0.7% year-over-year.
This shows the huge collapse following the housing bubble, and then the eventual recovery (but still not historically high).
Total housing starts in November were above expectations, and starts in September and October were up slightly revised, combined.
I’ll have more later …
Financial Services
via Calculated Risk https://ift.tt/IiXOKI
December 16, 2021 at 08:51AM
