by Calculated Risk on 12/18/2013 08:38:00 AM
Wednesday, December 18, 2013
Housing Starts at 1.09 million Annual Rate in November
This report is for three months due to the government shutdown; September, October and November.
From the Census Bureau: Permits, Starts and Completions
Housing Starts:
Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,091,000. This is 22.7 percent above the revised October estimate of 889,000 and is 29.6 percent above the November 2012 rate of 842,000.
Single-family housing starts in November were at a rate of 727,000; this is 20.8 percent above the revised October figure of 602,000. The November rate for units in buildings with five units or more was 354,000.
Building Permits:
Privately-owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,007,000. This is 3.1 percent below the revised October rate of 1,039,000, but is 7.9 percent above the November 2012 estimate of 933,000.
Single-family authorizations in November were at a rate of 634,000; this is 2.1 percent above the revised October figure of 621,000. Authorizations of units in buildings with five units or more were at a rate of 346,000 in November.
![Total Housing Starts and Single Family Housing Starts](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0L0-Tfstuay0VIEzk5xM_2jGCJU4fyC-W7c1O_MGF5WplVymASUpMhHYZB5ndb2v9fNlrv7feZkThiJm13aE7hDpMQnFTh8fDEnB1KlQpR4CCoYB3O_k4GDOu-ZOlzN-a5Jmo/s320/StartShortNov2013.jpg)
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (red, 2+ units) increased in November (Multi-family is volatile month-to-month).
Single-family starts (blue) increased sharply to 727,000 SAAR in November.
The second graph shows total and single unit starts since 1968.
![Total Housing Starts and Single Family Housing Starts](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9CvwYE4nwZ19ENOIo10FjXvVzcSTq2g7vcsINLusgjoenDQv0QScIJhiMjDBLUIY-P0Eu4vdAJjyfRBEuaCADSVnRARw9W1SNvPg2t2Ve5E5lupLnbDY51Gs_CTh15021-IkF/s320/StartNov2013.jpg)
This was well above expectations of 952 thousand starts in November. I'll have more later ... but this was a solid report.