**MNI 5 THINGS: US Housing Starts Rise To 1.256m In November>

--5 Things We Learned From November New Residential Construction Data

By Harrison Clarke and Shikha Dave

     WASHINGTON (MNI) - The following are the key points from the 

November new residential construction data released Tuesday by the 

Commerce Department: 

     - November housing starts rose by 3.2% to a 1.256 million annual 

rate, above the 1.220 million pace expected following downward a 

revision to the October data and an upward revision to the September 

data. After those revisions, the November starts pace was slightly above 

the 1.234 million average in the third quarter. 

     - Starts in the West fell by 14.2% to a 289k pace in November after 

a 5.6% decline in the previous month, showing an impact from the 

California wildfires. Starts were down 19.2% in the Midwest and up 37.8% 

in the Northeast and 15.1% in the South. There should be a boost in 

starts in the coming months as rebuilding efforts begin in California 

due to the wildfires in November. 

     - Building permits posted a 5.0% increase to a 1.328 million rate, 

above the 1.253 million rate expected. Permits in the West were up 1.6%, 

likely showing a slight pickup in activity in the weather-impacted 

areas. Permits rose in the South, but were flat in the Northeast and 

down in the Midwest. 

     - As with starts, the West should post a rebound in the coming 

months. Homes permitted but not started rose by 3.5%, with a flat 

reading for the West region. The NAHB index slipped to a reading of 56 

in November when it was released on Monday, with higher mortgage rates 

and prices blamed for the decline. 

     - Single-family housing starts fell by 4.6% in November, while 

multi-family starts rose by 22.4%. Single-family building permits rose 

by 0.1%, and multi-family permits also rose by 14.8%. Homes under 

construction were up 0.7% in November, and completions rose by 0.4% to a 

1.099 million pace. 

     ** MNI Washington Bureau: 202-371-2121 ** 

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