Single-Family, Multi-Family Starts Flourished In November
U.S. housing starts increased a whopping 11.8% in November over October to a seasonally adjusted annual rate of 1.679 million, according to the U.S. Census Bureau and U.S. Dept. of Housing and Urban Development monthly new residential construction report. It’s also 8.3% above November 2020.
Single-family starts were at a rate of 1.173 million, 11.3% higher than October, while multi-family starts (five units or more) were 491,000, up 12.1% over October.
U.S. housing starts had consecutive declines the previous two months. The total starts number of 1.679 million and single-family of 1.173 million were both the second highest monthly adjusted annual numbers of 2021, while multi-family November of 491,000 was the highest monthly adjusted annual rate in 2021.
Housing building permits were at a seasonally adjusted rate of 1.712 million, 3.6% above October, including 1.103 single-family, up 2.7%, and 560,000 multi-family, up 6.1%.
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