Housing starts increased to a seasonally adjusted annual rate of 1.56 million in November, according to the U.S. Department of Commerce, 14.8% above the revised October estimate of 1.359 million and 9.3% above the November 2022 rate of 1.427 million. Both single-family and multifamily housing increased 18.0% and 8.9%, respectively, relative to the October figure.
New building permits decreased 2.5% during the month to a seasonally adjusted annual rate of 1.46 million and is 4.1% above the November 2022 rate of 1.402 million. While single-family permits increased 0.7% in November, an 8.5% monthly decrease in multifamily permits largely contributed to the overall decline.
Housing completions in November were at a seasonally adjusted annual rate of 1.447 million, 5.0% above the revised October estimate but 6.2% below the November 2022 rate.
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