US Housing Starts Drop 1.8% in November

According to the US Census Bureau's latest report, the seasonally adjusted annual rate of housing starts in the United States was 1,289,000 in November, marking a 1.8% decline compared to the revised October figures. This represents a 14.6% decrease from the same period last year.

Single-Family Housing Starts Show Positive Growth

Despite the overall decline, single-family housing starts saw a significant 6.4% increase, reaching 1,011,000 in November. The report also highlighted that the rate for units in buildings with five units or more was 264,000.

Building Permits and Completions Show Mixed Results

Privately-owned housing units granted building permits reached a seasonally adjusted annual rate of 1,505,000, a 6.1% increase from the revised October rate but a 0.2% decrease year-over-year. Meanwhile, privately-owned housing completions stood at a seasonally adjusted annual rate of 1,601,000, down 1.9% from the previous month but up 9.2% annually. Single-family housing completions grew 3.3% month-on-month to 1,038,000.