Keeping you up to date on the latest data releases.
New privately-owned housing starts improved significantly in November, increasing 9.3 percent to 685,000 seasonally-adjusted annualized units. The improvement was driven by increases in both single-family and multifamily housing starts. In November, single-family housing starts increased for the second consecutive month, improving 2.3 percent to 447,000 seasonally-adjusted annualized units. November’s improvement follows an upwardly revised increase of 3.6 percent; however, compared to November 2010, single-family housing starts are down 1.5 percent. Comparatively, multifamily housing starts improved 25.3 percent to 238,000 seasonally-adjusted annualized units. November’s performance marks the highest level of multifamily starts since September 2008 (283,000 seasonally-adjusted annualized units). On a year-over-year basis, multifamily housing starts are up 145.4 percent.
New privately-owned housing units authorized improved for the second consecutive month, increasing 5.7 percent to 681,000 seasonally-adjusted annualized units. Single-family housing permits increased 1.6 percent 435,000 seasonally-adjusted annualized units. While multifamily housing permits rose even more, increasing 13.9 percent to 246,000 seasonally-adjusted annualized units. On a year-over-year basis, total housing units authorized are up 20.7 percent, with single-family housing permits up 3.6 percent and multifamily housing permits, which tend to be more volatile, up 70.8 percent.