Housing starts unexpectedly jumped to a 17-month high in November according to the latest data from the Census Bureau.
- M-O-M: Privately‐owned housing starts in November jumped to a seasonally adjusted annual rate of 1.56M, up 14.8% from October and the highest level since June 2022.
- Y-O-Y: Housing starts are up 9.3% from the same time last year.
Building Permits. Privately‐owned housing units authorized by building permits fell slightly more than expected to a seasonally adjusted annual rate of 1.46M in November, down 2.5% from October but this is 4.1% above the same time last year.
- Economists were expecting a slightly smaller drop of 1.9% in November.
Housing Completions. Privately‐owned housing completions rose to a seasonally adjusted annual rate of 1.447M in November, up 5.0% from October and up 6.2% when compared to the same time last year.
Single-Family. Completions were the only category in negative territory as single-family completions fell 3.2% to a seasonally adjusted annual rate of 960k in November, the lowest level since June and the second-lowest level all year.
- Single‐family housing starts in November jumped to an annual rate of 1.143M, this is up a whopping 18.0% from October and the highest level since April 2022.
- Single‐family authorizations in November were at an annual rate of 976k in November, up 0.7% from October and is the highest level since May 2022.