Wednesday, December 18, 2013

Housing Starts at 1.09 million Annual Rate in November

by Bill McBride on 12/18/2013 08:38:00 AM

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 Click on graph for larger image.

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 The second graph shows the huge collapse following the housing bubble, and that housing starts have been increasing after moving sideways for about two years and a half years.

This was well above expectations of 952 thousand starts in November.  I'll have more later ... but this was a solid report.