Single Family Housing Starts Increase. Up 9.3% Above the November 2022 Rate

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for November 2023:

Building Permits
Privately Oowned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,460,000. This is 2.5 percent below the revised October rate of 1,498,000, but is 4.1 percent above the November 2022 rate of 1,402,000. Single family authorizations in November were at a rate of 976,000; this is 0.7 percent above the revised October figure of 969,000. Authorizations of units in buildings with five units or more were at a rate of 435,000 in November.

Housing Starts
Privately‐owned housing starts in November were at a seasonally adjusted annual rate of 1,560,000. This is 14.8 percent (±14.0 percent) above the revised October estimate of 1,359,000 and is 9.3 percent (±14.6 percent) above the November 2022 rate of 1,427,000. Single‐family housing starts in November were at a rate of 1,143,000; this is 18.0 percent (±12.9 percent) above the revised October figure of 969,000. The November rate for units in buildings with five units or more was 404,000.

Housing Completions
Privately‐owned housing completions in November were at a seasonally adjusted annual rate of 1,447,000. This is 5.0 percent (±15.1 percent)* above the revised October estimate of 1,378,000, but is 6.2 percent (±15.2 percent)* below the November 2022 rate of 1,543,000. Single‐family housing completions in November were at a rate of 960,000; this is 3.2 percent (±13.2 percent)* below the revised October rate of 992,000. The November rate for units in buildings with five units or more was 472,000.