Housing starts increased 11.8% in November to a seasonally adjusted annual rate of 1.679 million units—the highest level since March, according to reuters.com. The rate was higher than economists’ expectations of 1.568 million units.
Housing starts were up 8.3% compared with November 2020. Applications for building permits, a good indication of future activity, rose 3.6% to 1.712 million units in November.
Single-family housing starts were up 11.3% at 1.173 million units, and the rate for multifamily starts was 560,000 units, up from 470,000 units in October.
A recent survey from the National Association of Home Builders showed confidence among single-family homebuilders rose for a fourth straight month in December but noted “finding workers, predicting pricing and dealing with material delays remains a challenge.”