Housing starts decrease in November

Housing starts were at a seasonally adjusted annual rate of 1.427 million in November, according to the U.S. Census Bureau. This is 0.5% below the revised October estimate of 1.434 million and is 16.4% below the November 2021 rate of 1.706 million.

Housing starts were mixed across the country, increasing in the West (8.3%) and relatively unchanged in the South (0.1%), but decreasing in the Northeast (-18.6%) and the Midwest (-6.5%).

New building permits were 1.342 million in November, 11.2% below the previous month’s revised rate of 1.512 million and is 22.4% below the November 2021 rate of 1.729 million. Single-family building permits decreased 7.1% from the revised October figure.

Housing completions were at a seasonally adjusted annual rate of 1.490 million in November. This is 10.8% above the revised October estimate of 1.345 million and is 6.0% above the November 2021 rate of 1.406 million.

Read the Census release.

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