Housing starts rose for the first time in a few months in November climbing 3.9% from the prior month. Although building permits for new home construction fell to the lowest point in a year and a half, according to the Commerce Department. Starts rose to a seasonally adjusted rate of 555,000 units, up from a revised 534,000 units for October but still 5.8% lower than a year earlier. Analysts polled by both Reuters and Bloomberg expected housing starts to come in at 550,000 for last month. Permits for new construction, a leading indicator of future building activity, decreased to 530,000 in November, which is 4% lower than the revised October figure of 552,000 and 14.7% below the year ago estimate of 621,000. “The U.S. housing sector does not appear to be participating in the recent improvement in economic activity,” said Paul Dales, U.S. economist at Capital Economics. “We suspect this will be a theme of the next couple of years.” Write to Jason Philyaw.
Jason Philyaw was a reporter with HousingWire through mid-2012.see full bio
Most Popular Articles
Latest Articles
Why more private homebuilders face a succession test now
A succession challenge homebuilding can no longer ignore A second U.S. President in a row to serve past the age of 80 is in the Oval Office. Whether spoken or not, succession, or rather a sound strategic, operational and organizational cultural plan for it, is on the minds of many. It’s the same in homebuilding […]
-
Zillow investor sues over Redfin rental syndication deal
-
Saluda Grade brushes off macro concerns to bet on home equity resilience
-
Why hazard insurance is becoming a housing market constraint
-
HECM for Purchase has been grounded. Reverse mortgage pros are trying to give it wings
-
Jessica Edgerton’s plan for CMLS amid MLS uncertainty
Jason Philyaw was a reporter with HousingWire through mid-2012.see full bio