US Housing Starts and Completions Rise but Permits Fall in November

The US Census Bureau on Tuesday (12-19-23) reported that privately‐owned housing starts in November were at a seasonally adjusted annual rate (SAAR) of 1,560,000. This is 14.8% above the revised October estimate of 1,359,000 and 9.3% above the November 2022 rate of 1,427,000. Single-family housing starts were at a rate of 1,143,000; this is 18.0% above the revised October figure of 968,000. The rate for units in buildings with five units or more was 404,000.

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 1,460,000. This is 2.5% below the revised October rate of 1,498,000 but 4.1% above the November 2022 rate of 1,402,000. Single-family authorizations were at a rate of 976,000; this is 0.7% above the revised October figure of 969,000. Authorizations of units in buildings with five units or more were at a rate of 435,000.

Privately‐owned housing completions in November were at a seasonally adjusted annual rate of 1,447,000. This is 5.0% above the revised October estimate of 1,378,000 but 6.2% below the November 2022 rate of 1,543,000. Single‐family housing completions were at a rate of 960,000; this is 3.2% below the revised October rate of 992,000. The rate for units in buildings with five units or more was 472,000.