Housing Starts Increase in November

Housing starts increased to a seasonally adjusted annual rate of 1.256 million in November, according to the U.S. Department of Commerce. The rise was 3.2 percent above the revised October rate of 1.217 million but is 3.6 percent below the November 2017 rate. Single-family home starts declined 4.6 percent from last month.

Housing activity increased in two of the four regions as the Northeast and South grew 37.8 percent and 15.1 percent, respectively. The Midwest and the West declined, falling 19.2 percent and 14.2 percent, respectively.

New building permits increased during the month, growing 5.0 percent to 1.328 million. Multifamily accounted for most of the increase, as single-family building permits rose 0.1 percent. New building permits were up 0.4 percent from the November 2017 rate.

Housing completions were at a seasonally adjusted annual rate of 1.099 million, up 0.4 percent from the revised October estimate and 3.9 percent below the November 2017 rate.

Read the Census release.

About Jack McCabe

Jack McCabe is a research associate in the Economic Policy and Research group at the ABA.
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