Nationwide housing production rose 8.9 percent to a seasonally adjusted annual rate of 574,000 units in November, according to the U.S. Commerce Department. The gain represented a partial bounce-back from an exceptionally slow month for housing activity in October, and was largely attributed to a big increase on the multifamily side.
Single-family housing starts made up some of the ground they lost in October, posting a 2.1% gain to a seasonally adjusted annual rate of 482,000 units in November. Meanwhile, multifamily starts rebounded from an all-time record low in the previous month with a 67.3% gain to a seasonally adjusted annual rate of 92,000 units in November.
Gains in housing production were registered across all regions of the country in November, with a 16.4% increase in the Northeast, a 3% gain in the Midwest, a 12.3% increase in the South, and a nearly 2% gain in the West.
Permit issuance, which can be an indicator of future building activity, rose 6% in November to a seasonally adjusted annual rate of 584,000 units, its highest level in a year. Single-family permits rose 5.3% to 473,000 units, while multifamily permits rose 8.8% to 111,000 units.
Back to Breaking News