Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,091,000, 22.7% above the revised October estimate of 889,000 and 29.6% above the November 2012 rate of 842,000, according to the U.S. Census Bureau. Single-family housing starts in November were at a rate of 727,000, 20.8% above the revised October figure of 602,000. The November rate for units in buildings with five units or more was 354,000.
“Single-family and multi-family starts are at five-year highs, providing additional evidence that the recovery is here to stay,” said NAHB Chief Economist David Crowe. “We hit a soft spot this fall when interest rates jumped and the government closed down, but mortgage rates still remain very affordable and pent-up demand is helping to boost the housing market. We expect a continued steady, gradual growth in starts and home sales in 2014.”
