U.S. Housing Starts Continue Upward
U.S. housing starts (single-family and multi-family combined) were a seasonally adjusted rate of 1.547 million in November, an increase of 1.2% over October and 12.8% above November 2019, according to the U.S. Census Bureau and U.S. Dept. of Housing and Urban Development monthly new residential construction report. Housing had fallen to below 1 million seasonally adjusted in April during the early stages of the pandemic.
Single-family starts were at a rate of 1.186 million in November, a slight tick over October and a whopping 27.1% over November a year ago. Single-family starts increased for the seventh straight month, since falling below 700,000 in April.
Multi-family was 352,000 adjusted in November, 8% above October.
Housing building permits in November were at a 1.639 million rate, a 6.2% increase over October, and 8.5% above November 2019. Single-family permits were at 1.143 million, a 1.3% increase over October. Multi-family permits were rated at 441,000 in November, a 22.8% jump over October.
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