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Housing Starts See +3.3% Increase in November and Hit Hot +12.9% YOY Pace
Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,297,000, according to the most recent data from the U.S. Census Bureau. This is +3.3% above the revised October estimate of 1,256,000 and +12.9% above the November 2016 rate of 1,149,000. Single-family housing starts in November were at a rate of 930,000, +5.3% above the revised October figure of 883,000. The November rate for units in buildings with five units or more was 359,000.
“The strong November reading indicates that builders are continuing to increase single-family production to meet growing demand for housing,” said NAHB Chief Economist Robert Dietz. “With low unemployment and increasing owner-occupied household formation, single-family starts should continue to make gains in 2018.”
