Housing Starts and Permits Decline, While Completions Push Higher in November

The US Census Bureau reported on Tuesday (12-20-22) that privately‐owned housing starts in November were at a seasonally adjusted annual rate (SAAR) of 1,427,000; this is 0.5% below the revised October estimate of 1,434,000 and is 16.4% below the November 2021 rate of 1706,000. Single-family housing starts in November were at a rate of 828,000; this is 4.1% below the revised October figure of 863,000. The November rate for units in buildings with five units or more was 584,000.

Building permits are the forward-looking portion of the report, and in November, privately-owned housing units authorized by building permits were at a SAAR of 1,342,000; this is 11.2% below the revised October rate of 1,512,000 and is 22.4% below the November 2021 rate of 1,729,000. Single-family authorizations in November were at a rate of 781,000; this is 7.1% below the revised October figure of 841,000. Authorizations of units in buildings with five units or more were at a rate of 509,000 in November.

Privately‐owned housing completions in November were at a seasonally adjusted annual rate of 1,490,000; this is 10.8% above the revised October estimate of 1,345,000 and is 6.0% above the November 2021 rate of 1,406,000. Single‐family housing completions in November were at a rate of 1,047,000; this is 9.5% above the revised October rate of 956,000. The November rate for units in buildings with five units or more was 430,000.