Housing starts and permit activity continued to rise dramatically in November, according to new figures released Tuesday by the U.S. Census Bureau and U.S. Department of Housing and Urban Development.
Housing starts rose 1.4 percent, month-over-month and 11.1 percent year-over-year in November. New construction authorized by permits rose 3.2 percent month-over-month and 13.6 percent year-over-year. Single-family permits reached its highest rate since 2007, according to Odeta Kushi, the deputy chief economist at First America.
“Permits are a leading indicator of future starts, so this is another nod to the expected strength of demand in 2020,” Kushi said, in a statement.
Housing completions were the only metric to decline month-over-month, dropping 6.6 percent, however November’s figure is still 7.3 percent higher than last year.
“Homebuilders are clearly responding to the strong economy with this second straight month of construction growth,” Bill Banfield, Quicken Loans executive vice president of capital markets said. “With great jobs numbers in November, and consumer sentiment holding at a 10-year high, a hefty housing supply will be needed to match increasing consumer demand as we approach the Spring and Summer buying season.”
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