This morning, the US Census Bureau and the Department of Housing and Urban Development released the delayed report on housing starts and completions for the months of September, October, and November. This report flows up on the three month reports covering new permits for September, October, and November, which was released late last month. Both reports were delayed due to the government shutdown.
Housing starts in September were reported to be at a seasonally adjusted rate of 873,000, slightly down from August. In October, however, housing starts increased by to a revised figure of 889,000. Most strikingly, the number of housing starts for the month of November was reported at 1,091,000 on a seasonally adjusted rate. This represents a 22.7% increase from October, the largest month over month increase since 1990. On a year over year basis, November also saw an increase of 29.6% in the number of housing starts.
Single-family housing starts were reported at 580,000 in September, 602,000 in October, and 727,000 in November. The November rate for multi-family units of 5 units or more was reported at 354,000.
Completions of privately-owned housing for November were at a seasonally adjusted rate of 823,000, a 0.1% increase from October and a 21.6% increase from November 2012. Single-family completions for November decreased by 3.2%, from the revised October figure of 616,000 to a rate of 596,000. Multi- family completions, for buildings with 5 units or more, was reported for November at 221,000.
Data on new residential construction for December will be released next month.
Click here to read the full report.
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