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U.S. Residential Construction Improves in November

Housing starts and single-family permits climb over October rates, but still lag behind 2009 levels.

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The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for November 2010:

BUILDING PERMITS
Privately-owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 530,000. This is 4.0 percent (±2.9%) below the revised October rate of 552,000 and is 14.7 percent (±1.7%) below the November 2009 estimate of 621,000.
Single-family authorizations in November were at a rate of 416,000; this is 3.0 percent (±1.0%) above the revised October figure of 404,000. Authorizations of units in buildings with five units or more were at a rate of 94,000 in November.

HOUSING STARTS
Privately-owned housing starts in November were at a seasonally adjusted annual rate of 555,000. This is 3.9 percent (±12.0%)* above the revised October estimate of 534,000, but is 5.8 percent (±12.0%)* below the November 2009 rate of 589,000.

Single-family housing starts in November were at a rate of 465,000; this is 6.9 percent (±13.5%)* above the revised October figure of 435,000. The November rate for units in buildings with five units or more was 72,000.

HOUSING COMPLETIONS
Privately-owned housing completions in November were at a seasonally adjusted annual rate of 513,000. This is 14.1 percent (±10.9%) below the revised October estimate of 597,000 and is 39.6 percent (±8.6%) below the November 2009 rate of 850,000.

Single-family housing completions in November were at a rate of 436,000; this is 10.1 percent (±11.6%)* below the revised October rate of 485,000. The November rate for units in buildings with five units or more was 73,000.