Biggest Monthly Gain For Housing Starts Since 1990

Housing starts and housing completions forrnSeptember, October and November were released by the U.S. Census Bureau and thernDepartment of Housing and Urban Development today.  The September and October numbers were notrnreleased on schedule in October and November because of the nearly month-longrngovernment shutdown.   Information on permitting for the two monthsrnwas released on a delayed basis on November 26.</p

Housing starts in September were at a seasonally adjustedrnannual rate of 873,000 compared to 883,000 in August.  Starts in October were at a revised rate of 889,000rnand November starts increased by a substantial 22.7 percent to a seasonallyrnadjusted annual rate of 1,091,000.  ThernNovember figure is a 29.6 percent jump from the estimate of 842,000 starts inrnNovember 2012, and the largest month-over-month increase since 1990!</p

Single-family housing starts for the three monthsrnwere:  September, 580,000; October,rn602,000; and November, 727,000.  ThernNovember figure was a 26.2 percent increase from one year earlier.  Multifamily starts in November were at arnseasonally adjusted rate of 354,000, up 26.0 percent from October.</p

Housing starts in November increased by 29.4 percentrnfrom October in the Northeast, 41.7 percent in the Midwest, 38.5 percent in thernSouth, and 8.8 percent in the West.  Onrnan annual basis starts were up 23.5 percent in the Northeast, 39.0 percent inrnthe Midwest, 24.3 percent in the South, and 37.4 percent in the West.</p

Housing Starts</p

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New home construction was completed in September atrnan annual rate of 762,000, down slightly from the August rate of 765,000.  The October rate was 824,000 and Novemberrncompletions decreased by 0.1 percent to 823,000, a 21.6 percent improvementrnover November 2012.  </p

Completions rose by 34.9 percent in the Northeastrnfrom October to November but were down in the Midwest and South by -1.5 percentrnand -8.3 percent respectively. rnCompletions were up 8.7 percent in the West.   Completions were up by double digits in allrnfour regions compared to one year earlier.</p

Permits in November were issued at a seasonallyrnadjusted annual rate of 1.007,000, down 3.1 percent from the revised Octoberrnestimate of 1,039,000 but 7.9 percent higher than a year earlier.   October permits were originally reported at arnrate of 1,034,000.</p

Single family permits were issued at a rate ofrn634,000, up 2.1 percent from October and 10.5 percent above a yearrnearlier.  Permits for construction inrnbuildings of five units or more was at a rate of 346,000 compared to 391,000 inrnOctober.</p

On a regional basis permitting increased by 7.8rnpercent on a monthly basis and 41.0 percent annually in the Northeast, and was downrn0.6 percent and 1.8 percent in the Midwest. Permits in the South and West wererndown 7.0 and 0.4 percent from October but were up 3.5 percent and 13.8 percentrnyear-over-year. </p

At the end of November there were an estimatedrn106,000 permits outstanding for which construction had not yet been started andrn685,000 units under construction. </p

Building Permits</p

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