US Homebuilding Sector Accelerated Growth Last Month
Housing construction in the United States was restored in November, but the construction of single-family homes fell to a 1-1/2-year low. The US Commerce Department reported, that housing starts increased 3.2% to a seasonally adjusted annual rate of 1.256 million units in November. Last month’s growth in homebuilding followed two straight monthly declines. Economists had forecast housing starts slipping to a pace of 1.225 million units last month.
Single-family homebuilding, which accounts for the largest share of the housing market, fell by 4.6% to a rate of 824.000 units in November, the lowest level since May 2017. Starts for the multi-family housing segment increased by 22.4% to a rate of 432.000 units in November.
It was also reported, that building permits rose by 5.0% to a rate of 1.328 million units in November, powered by a jump in the volatile multi-family housing sector. Permits for the construction of multi-family homes rose 14.8% to a pace of 480.000 units. Permits to build single-family homes increased by 0.1% in November to a pace of 848.0000 units.