Single-Family, Multifamily Production Post Double-Digit Gains in November

Single-family and multifamily housing production accelerated in November, due to strong demand for new construction. Overall housing starts increased 11.8% to a seasonally adjusted annual rate of 1.68 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 1.68 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 11.3% to a 1.17 million seasonally adjusted annual rate. The multifamily sector, which includes apartment buildings and condos, increased 12.9% to an annualized 506,000 pace.