US homebuilding rises on multi-family housing starts in Nov
by ChemOrbis Editorial Team - content@chemorbis.com
According to data jointly released by the US Census Bureau and the US Department of Housing and Urban Development, privately‐owned housing starts in the US jumped 3.2% from the revised October estimate and were at a seasonally adjusted annual rate of 1,256,000. However, the latest figures stood 3.6% below the November 2017 rate of 1,303,000.
The rise in housing starts stemmed from the strong multifamily sector, which soared 22.4% to 432,000 units in November. On the other hand, single‐family housing starts in November fell by 4.6% from the revised October figure to 864,000 amid rising material and labor costs. This also marked the largest monthly drop in single-family starts since 2009.
Building permits in November were 5% above the revised October figures and 0.4% higher than the November 2017 rate at 1,328,000. Single‐family authorizations, meanwhile, showed a slight increase of 0.1% from the revised October figure and reached 848,000 units in November.
The rise in housing starts stemmed from the strong multifamily sector, which soared 22.4% to 432,000 units in November. On the other hand, single‐family housing starts in November fell by 4.6% from the revised October figure to 864,000 amid rising material and labor costs. This also marked the largest monthly drop in single-family starts since 2009.
Building permits in November were 5% above the revised October figures and 0.4% higher than the November 2017 rate at 1,328,000. Single‐family authorizations, meanwhile, showed a slight increase of 0.1% from the revised October figure and reached 848,000 units in November.
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