Joint Report on New Residential Construction Stronger than Expected
The new residential construction report finds housing starts and building permits came in higher by 3.2% and 1.4%, respectively, both beating forecasts.
The report is released jointly by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Housing Starts
Privately‐owned housing starts came in at a seasonally adjusted annual rate of 1,365,000 in November, or 3.2% (±10.0%) higher than the revised October estimate of 1,323,000. Housing starts are now 13.6% (±12.8%) above the November 2018 rate of 1,202,000.
Single‐family housing starts were estimated at a rate of 938,000, or 2.4% (±5.8%) higher than the revised October figure of 916,000. The rate for units in buildings with five units or more was 404,000 in November.
The forecasts for housing starts ranged from a low of 1,293,000 to a high 1,390,000. The consensus forecast was 1,340,000.
Building Permits
Privately‐owned housing units authorized by building permits came in at a seasonally adjusted annual rate of 1,482,000 in November, or 1.4% (±1.4%) higher than the revised October rate of 1,461,000. Building permits are now 11.1% (±1.8%) higher than the November 2018 rate of 1,334,000.
Single‐family authorizations came in at a rate of 918,000, which is 0.8% (±1.3%) higher than the revised October figure of 911,000. Authorizations of units in buildings with five units or more were at a rate of 524,000 in November.
The forecasts for building permits ranged from a low of 1,380,000 to a high 1,450,000. The consensus forecast was 1,340,000.
Housing Completions
Privately‐owned housing completions came in at a seasonally adjusted annual rate of 1,188,000, down 6.6% (±8.9%) from the revised October estimate of 1,272,000. However, completions are still 7.3% (±14.8%) higher than the November 2018 rate of 1,107,000.
Single‐family housing completions cane in at a rate of 883,000, which is 3.6% (±10.0%) below the revised October rate of 916,000. The rate for units in buildings with five units or more was 295,000 in November.
