Residential construction starts slide in November
After hitting nine-year high in October, permits and starts fall as completions rise.
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for November 2016:
Privately-owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,201,000. This is 4.7 percent (±1.1%) below the revised October rate of 1,260,000 and is 6.6 percent (±2.6%) below the November 2015 estimate of 1,286,000.
Single-family authorizations in November were at a rate of 778,000; this is 0.5 percent (±1.4%)* above the revised October figure of 774,000. Authorizations of units in buildings with five units or more were at a rate of 384,000 in November.
After hitting their highest rate since July 2007, Privately-owned housing starts in November declined to a seasonally adjusted annual rate of 1,090,000. This is 18.7 percent (±6.7%) below the revised October estimate of 1,340,000 and is 6.9 percent (±7.3%)* below the November 2015 rate of 1,171,000.
Single-family housing starts, which also hit a nine-year high in October, slid in November to a rate of 828,000; this is 4.1 percent (±7.5%)* below the revised October figure of 863,000. The November rate for units in buildings with five units or more was 259,000.
Privately-owned housing completions in November were at a seasonally adjusted annual rate of 1,216,000. This is 15.4 percent (±13.5%) above the revised October estimate of 1,054,000 and is 25.0 percent (±15.0%) above the November 2015 rate of 973,000.
Single-family housing completions in November were at a rate of 774,000; this is 3.3 percent (±8.3%)* above the revised October rate of 749,000. The November rate for units in buildings with five units or more was 432,000.