Housing starts in November rose 3.3% to a seasonally adjusted annual rate of 1,297,000, 12.9% ahead of the same month last year, the Commerce Department reported Tuesday morning.
Single-family housing starts in November were up 5.3% from October to a rate of 930,000, 13% ahead of November, 2016. Multifamily was up marginally on a sequential basis to a rate of 359,000 units.
Building permits in November were at a seasonally adjusted annual rate of 1,298,000, down 1.4 percent from the revised October rate of 1,316,000 but 3.4%) above the November 2016 rate of 1,255,000. Single-family authorizations in November were at a rate of 862,000, 1.4% above the revised October figure of 850,000 and 9.7% ahead of the pace of November 2016. Authorizations of units in buildings with five units or more were at a rate of 395,000 in November, down 8.8% from October and 7.7% from a year earlier.
Housing completions in November were at a seasonally adjusted annual rate of 1,116,000, 6.1% below the revised October estimate of 1,189,000 and 7.2% below the November 2016 rate of 1,203,000. Single-family housing completions in November were at a rate of 752,000, 4.6% below the revised October rate of 788,000. The November rate for units in buildings with five units or more was 353,000, down 10.4% from October and 17.1% from a year earlier.
