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By Kevin Kastner, Sara Haire, and Holly Stokes
WASHINGTON (MNI) - The following are the key points from the
November new residential construction data released Tuesday by the
- November housing starts added to the October gain on a sharp rise
in sales in the South and West, while permits growth slowed, but
remained relatively strong. The 4Q average for starts and permits
through the first two months were much higher than in the previous
quarter, and positive for residential fixed investment.
- Housing starts rose by 3.3% to 1.297 million rate, well above
expectations for 1.250 million and the highest in a year. Permits fell
1.4% to 1.298 million rate, ahead of expectations for 1.273 million.
- Starts were up 11.1% in the South to the highest level since
August 2007, adding to the post-hurricane rebound seen in October, while
starts in the West rose by 19.0%. Starts plunged 39.6% in the Northeast
and 12.9% in the Midwest, providing some offset.
- Single-family housing starts rose 5.3% in November, multi-family
down 1.6%. For permits, single-family were up 1.4%, multi-family down
- Homes permitted but not started rose 0.6%, so starts could rise
further in the near future. Homes under construction were up 1.0%, but
completions fell 6.1% after a 10-year high in October.
** MNI Washington Bureau: 202-371-2121 **