November sees surge in US housing starts and completions, despite permit decline

Posted on December 26, 2023   |  

In November, the US saw a surge in privately-owned housing starts, reaching a seasonally adjusted annual rate of 1,560,000. 

This marked a substantial 14.8% increase from the revised October estimate of 1,359,000 and a noteworthy 9.3% rise from the November 2022 rate of 1,427,000.

Single-family housing starts saw a significant boost, reaching a rate of 1,143,000, indicating an 18.0% increase from the revised October figure of 968,000. 

In November, privately owned housing units authorized by building permits were at a seasonally adjusted annual rate of 1,460,000. 

This showed a 2.5% drop from the revised October rate of 1,498,000 but remained 4.1% above the November 2022 rate of 1,402,000.

Single-family authorizations reached a rate of 976,000, showing a modest 0.7% increase from the revised October figure of 969,000. 

Authorizations for units in buildings with five units or more were at a rate of 435,000.

Privately-owned housing completions in November reached a seasonally adjusted annual rate of 1,447,000, marking a 5.0% increase from the revised October estimate of 1,378,000 but a 6.2% decrease from the November 2022 rate of 1,543,000.

Single-family housing completions were at a rate of 960,000, representing a 3.2% decrease from the revised October rate of 992,000. 

Meanwhile, the rate for units in buildings with five units or more was 472,000.