November Housing starts show steady growth

U.S. housing starts grew 3.3% in November to a seasonally adjusted annual rate of 1.3 million from the revised October estimate of 1.26 million, the Commerce Department reported today. The latest numbers are 12.9% above the November 2016 rate of 1.15 million.

Single-family housing starts in November were at a rate of 930,000; this is a 5.3% increase from the revised October figure of 883,000 -- and this is the highest mark since September 2007. 

In the South, single-family starts increased 8.4% while single-family starts in the West increased 11.4%. In the Northeast, single-family starts were static but fell 11.1% in the Midwest. 

Building permits dropped 1.4% to a rate of 1.3 million units in November. Single-family home permits rose 1.4 percent, while permits for multi-family homes declined 6.4%.

11-month spot check.

On an unadjusted basis through the first 11 months of the year, the total housing starts tally stands at 1,121,400. That's up 3.1% from the 1,087,200 housing starts in the same 11-month period in 2016.