Single-Family Starts Leveling Off at Strong Pace in November
Single-family starts flattened in November as builders struggled to meet demand, while overall housing starts increased 1.2 percent to a seasonally adjusted annual rate of 1.55 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
The November reading of 1.55 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. Within this overall number, single-family starts increased 0.4 percent to a 1.19 million seasonally adjusted annual rate. The multifamily sector, which includes apartment buildings and condos, increased 4.0 percent to a 361,000 pace.