at Calculated Risk on 12/18/2024 08:30:00 AM
From the Census Bureau: Permits, Starts and Completions
Housing Starts:
Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,289,000. This is 1.8 percent below the revised October estimate of 1,312,000 and is 14.6 percent below the November 2023 rate of 1,510,000. Single-family housing starts in November were at a rate of 1,011,000; this is 6.4 percent above the revised October figure of 950,000. The November rate for units in buildings with five units or more was 264,000.Building Permits:
Privately-owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,505,000. This is 6.1 percent above the revised October rate of 1,419,000, but is 0.2 percent below the November 2023 rate of 1,508,000. Single-family authorizations in November were at a rate of 972,000; this is 0.1 percent above the revised October figure of 971,000. Authorizations of units in buildings with five units or more were at a rate of 481,000 in November.
emphasis added
Click on graph for larger image.
The first graph shows single and multi-family housing starts since 2000.
Multi-family starts (blue, 2+ units) decreased month-over-month in November. Multi-family starts were down 27.6% year-over-year.
Single-family starts (red) increased in November and were down 10.2% year-over-year.
The second graph shows single and multi-family housing starts since 1968.
This shows the huge collapse following the housing bubble, and then the eventual recovery – and the recent collapse and recovery in single-family starts.
Total housing starts in November were below expectations, however, starts in September and October were revised up, combined.
I’ll have more later…