Housing Starts, Permits Fall but Remain Above 1M
Washington, DC, Dec. 16, 2014 -- Home construction starts in the U.S. exceeded a 1 million annualized pace in November for a third consecutive month, according to the Commerce Department.
Housing starts fell 1.6% to a 1.03 million annualized rate from a 1.05 million pace in October.
Construction of single-family houses fell to a 677,000 rate, while construction on multifamily homes climbed 6.7% to a 351,000 rate.
Permits for new single-family homes fell 1.2% in November, to an adjusted annual rate of 639,000 from an upwardly revised total of 647,000 in September.
Permits for multi-family housing fell 11.0% to a 396,000-unit pace.