Housing Starts Declined 1.8% in November, Down 14.6% YOY

Washington, DC, December 18, 2024- Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,289,000, 1.8% below the revised October estimate of 1,312,000 and is 14.6% below the November 2023 rate of 1,510,000, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced. Single-family housing starts in November were at a rate of 1,011,000; this is 6.4% above the revised October figure of 950,000. The November rate for units in buildings with five units or more was 264,000.

Privately-owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,505,000. This is 6.1% above the revised October rate of 1,419,000, but is 0.2% below the November 2023 rate of 1,508,000. Single-family authorizations in November were at a rate of 972,000; this is 0.1% above the revised October figure of 971,000. Authorizations of units in buildings with five units or more were at a rate of 481,000 in November.

Privately-owned housing completions in November were at a seasonally adjusted annual rate of 1,601,000. This is 1.9% below the revised October estimate of 1,632,000, but is 9.2% above the November 2023 rate of 1,466,000. Single-family housing completions in November were at a rate of 1,038,000; this is 3.3% above the revised October rate of 1,005,000. The November rate for units in buildings with five units or more was 544,000.