Housing Starts, Building Permits Beat Forecasts for November

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.