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US housing starts, permits decline in November

by ChemOrbis Editorial Team -
  • 17/12/2014 (13:12)
According to data from the US Commerce Department, US housing starts fell in November. New housing starts decreased 1.6% to a seasonally adjusted annual rate of 1.028 million units in November, posting the first decrease since August. Economists’ initial estimates called for an annualized rate of 1.038 million. In October, housing starts in the US were revised upward to a rate of 1.045 million.

The decrease was attributed to a sharp decrease in home building the South while construction of single family houses also slowed. Housing starts slumped 19.5% month over month in November in the South to post the biggest decline since June. Meanwhile, construction of single-family houses declined 5.4% to an annualized pace of 677,000 units in November from 716,000 in the previous month. However, construction of multi-family houses rose 6.7% to an annualized pace of 351,000 units in November when compared to an annualized rate of 329,000 units reported in October.

Meanwhile, building permits in the US declined 5.2% to an annual rate of 1.035 million in November from 1.092 million in the previous month.
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