November housing starts bounce 10% after 12% plunge in October
Permits at highest level since August 2007
Both housing starts and permits had double digit positive moves in November as reported by the Census Bureau and HUD. The November starts figures rebounded from a low October level but still managed to exceed half of the monthly levels reported for 2015. Single-family starts were up 7.6% to 768,000, their highest level since January 2008. Every region except the Midwest experienced a rise in single-family starts.
Permits also peaked at their highest level since August 2007 at 1,289,000 which was up 11% from an upwardly revised October. Single-family permits were up modestly but enough to also set an eight year record of 723,000. Single-family permits rose in every region except the South, which was still the second highest of the year.
“The November gains in both single- and multifamily starts show that the overall market continues to move forward,” said NAHB Chairman Tom Woods. “As builders anticipate more consumer demand for housing, they should continue to add inventory.”
“Single-family production this month has reached levels last seen before the Great Recession, an indicator that we are making gradual headway back to a normal housing market,” said NAHB Chief Economist David Crowe. “As we close out the year, we can see that the housing sector has made headway in 2015, and we expect the recovery to continue at a modest pace.”