Privately-owned housing starts for the month of November rose 8.3 percent year-over-year at a seasonally adjusted annual rate of 1,679,000, reports Bill McBride in the CalculatedRisk Newsletter. Single-family starts in November also increased 11.3 percent at a rate of 1,173,000 from the revised October figure of 1,054,000. Year-to-date starts are up 16.3% from 2020 rates with a projected 1.6 million total starts by the end of the year. Starts in 2021 will reach the highest level since 2006, when a reported 1.801 million units were started.
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.
Related Stories
New-Construction Projects
Builders Press Pause on New-Home Construction as Unsold Inventory Hits Record High
Home builders doubled down on residential construction projects to turn a higher profit throughout the COVID-19 pandemic, but as buyer demand wavers, prices are falling in an oversupplied market
Q+A
Colby Cox’s Plan to Revitalize His Historical Hometown
Colby Cox hopes to grow his Delaware hometown by building a master planned community that will boost the local economy and create one interconnected neighborhood
New-Construction Projects
New Home Sales Slow as Inventory Begins Upward Climb
Home sales might be slowing, but new construction projects are maintaining a steady pace nationwide