by Mish Shedlock, Mish Talk:
Housing starts fell slightly but from a small upward revision making them essentially flat for the month. But permits collapsed as home builders threw in the towel.
The Commerce Department’s New Residential Construction Report shows housing starts were flat but single-family starts and permits were down hard in November.
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Building Permits
- Privately‐owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,342,000. This is 11.2 percent below the revised October rate of 1,512,000 and is 22.4 percent below the November 2021 rate of 1,729,000.
- Single‐family authorizations in November were at a rate of 781,000; this is 7.1 percent below the revised October figure of 841,000.
- Authorizations of units in buildings with five units or more were at a rate of 509,000 in November.
Housing Starts
- Privately‐owned housing starts in November were at a seasonally adjusted annual rate of 1,427,000. This is 0.5 percent (±12.3 percent)* below the revised October estimate of 1,434,000 and is 16.4 percent (±13.4 percent) below the November 2021 rate of 1,706,000.
- Single‐family housing starts in November were at a rate of 828,000; this is 4.1 percent (±11.3 percent)* below the revised October figure of 863,000.
- The November rate for units in buildings with five units or more was 584,000.
Housing Completions
- Privately‐owned housing completions in November were at a seasonally adjusted annual rate of 1,490,000. This is 10.8 percent (±15.8 percent)* above the revised October estimate of 1,345,000 and is 6.0 percent (±17.6 percent)* above the November 2021 rate of 1,406,000.
- Single‐family housing completions in November were at a rate of 1,047,000; this is 9.5 percent (±12.9 percent)* above the revised October rate of 956,000.
- The November rate for units in buildings with five units or more was 430,000.
Housing Starts Single Family vs Multi-Family
Note the stunning 29 percent collapse in single family housing starts from a year ago.
Housing Starts, Permits, Completions Not Seasonally Adjusted
Unadjusted Numbers Year-Over-Year
- Starts: Down 16.4 percent
- Permits: Down 22.4 percent
- Completions: Up 9.5 percent
