U.S. Housing Starts Surge to Highest Level Since 2008
by:Tom Moeller
|in:Economy in Brief
Summary
Housing starts during November surged 22.7% to 1.091 million (29.6% y/y) on top of a 1.8% October gain to 889,000. The latest level beat expectations for 965,000 starts in the Action Economics survey. Starts of single-family homes [...]
Housing starts during November surged 22.7% to 1.091 million (29.6% y/y) on top of a 1.8% October gain to 889,000. The latest level beat expectations for 965,000 starts in the Action Economics survey. Starts of single-family homes jumped 20.8% to 727,000 (26.2% y/y) while starts of multi-family homes advanced 26.8% to 364,000 (36.8% y/y).
By region, starts in the Midwest surged 41.7% to 214,000 (39.0% y/y) followed by a 38.5% jump in the South to 558,000 (24.3% y/y). In the West, starts rose a moderate 8.8% to 235,000 (37.4% y/y) but starts in the Northeast fell 9.4% to 84,000 (+23.5% y/y).
Building permits declined 3.1% last month to 1.007 million (+7.9% y/y) and reversed half of the prior month's improvement. Permits to build single-family homes gained 2.1% to 634,000 (10.5% y/y). Permits to build multi-family units declined 10.8% to 373,000 (+3.9% y/y).
The housing starts figures can be found in Haver's USECON database. The expectations figure is contained in the AS1REPNA database.
Housing Starts (000s, SAAR) | Nov | Oct | Sep | Nov Y/Y% | 2012 | 2011 | 2010 |
---|---|---|---|---|---|---|---|
Total | 1,091 | 889 | 873 | 29.6 | 783 | 612 | 586 |
Single-Family | 727 | 602 | 580 | 26.2 | 537 | 434 | 471 |
Multi-Family | 364 | 287 | 293 | 36.8 | 247 | 178 | 114 |
Starts By Region | |||||||
Northeast | 84 | 119 | 98 | 23.5 | 78 | 68 | 72 |
Midwest | 214 | 151 | 164 | 39.0 | 129 | 103 | 97 |
South | 558 | 403 | 427 | 24.3 | 400 | 309 | 296 |
West | 235 | 216 | 184 | 37.4 | 173 | 132 | 120 |
Building Permits | 1,007 | 1,039 | 974 | 7.9 | 829 | 624 | 604 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.