In November, privately-owned housing starts rose 9.3 percent and reached their highest level in a year and a half. According to The U.S. Census Bureau and the Department of Housing and Urban Development, the spike in residential construction drove total housing starts to a seasonally adjusted annual rate of 685,000, 24.3 percent above last November’s rate of 551,000. Single family housing starts were 2.3 percent above October’s rate. Building permits for future construction also rose during the month. Permits for privately-owned housing units were up 5.7 percent for the month and 20.7 percent for the year. Single-family authorizations were at a rate of 435,000, 1.6 percent above October’s estimate. More here.
