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Housing Starts Slowed in November
New residential construction slowed somewhat in November, reaching an annual rate of 861,000 units, down from 888,000 the previous month. Despite November’s mild decline, housing starts remain 15% above levels seen as recently as August, at nearly the fastest pace since early 2008. In the past year, the pace of new home construction has increased 21.6%.
Single-family starts led the decline in November, falling 4.1% over the month. Despite the strong loss, single-family starts remain near their fastest pace in over four years and maintain a positive trend.
Permit issuance rose in November, rising 3.6% to an annual pace of 899,000 permits. Strong permit issuance points to a continuing recovery in housing construction. Total permit issuance is up 26.8% from year-ago levels.
Read the Census report.
Housing Starts Slowed in November
Single-family starts led the decline in November, falling 4.1% over the month. Despite the strong loss, single-family starts remain near their fastest pace in over four years and maintain a positive trend.
Permit issuance rose in November, rising 3.6% to an annual pace of 899,000 permits. Strong permit issuance points to a continuing recovery in housing construction. Total permit issuance is up 26.8% from year-ago levels.
Read the Census report.