The Commerce Department said housing starts increased 3.3 percent to a seasonally adjusted annual rate of 1.297 million units in November 2017, with data indicating that the sector is still struggling with supply constraints.
Builders have have had difficulty meeting the robust demand for housing, fueled by a labor market near full employmen, limited supply of land and skilled labor, and lumber price increases. CNBC reports that single-family home building, the largest share of the housing market, rose to the highest level since September 2007, a 5.3 percent jump to a rate of 930,000 units.
Economists polled by Reuters had forecast housing starts decreasing to a pace of 1.250 million units last month. Overall building permits dropped 1.4 percent to a rate of 1.298 million units in November, pulled down by a 6.4 percent decline in permits for the construction of multi-family homes.
Advertisement
Related Stories
Forty Under 40
2024 Forty Under 40 Nomination Form
Help us recognize the rising stars, innovators, and game-changers in the housing industry!
Market Data + Trends
Housing Market Index Shows Builder Sentiment Continues to Rise
In March, builder confidence in the market for newly built single-family homes hit its highest level since July 2023
NAHB
Overcoming Challenges, Celebrating Victories
NAHB Chairman's Message: 2023 was a challenging year for home building, but among the challenges, there were many victories as well