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Multifamily Leads Construction Numbers Higher

Wednesday, December 16, 2015

Residential construction activity surged in November with both residential construction permits and housing starts, permits especially, beating analysts' expectations.  Whether or not it was the unseasonably warm weather, it was especially good news for housing starts which had dropped by 11 percent in October, falling even below the level of a year earlier.

The Census Bureau and the Department of Housing and Urban Development reported that housing starts were issued in November as a seasonally adjusted annual rate of 1,173,000, a 10.5 percent increase from the revised October estimate of 1,062,000 and 16.5 percent higher than in November 2014. The October starts were revised from an originally reported rate of 1,060,000.

 

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