Single-family and multifamily housing starts reached their highest rates since 2008 in November, according to the U.S. Department of Commerce. Privately owned housing starts were at an adjusted rate of 1,091,000 in November, up 22.7 percent from the revised October rate of 889,000 and 29.6 percent above November 2012's 842,000. Single-family starts reached a rate of 727,000, up 20.8 percent from October. Multi-family starts rose 26.0 percent to 354,000.
"Single-family and multifamily starts are at five-year highs, providing additional evidence that the recovery is here to stay," said NAHB Chief Economist David Crowe in a statement. "We hit a soft spot this fall when interest rates jumped and the government closed down, but mortgage rates still remain very affordable and pent-up demand is helping to boost the housing market. We expect a continued steady, gradual growth in starts and home sales in 2014."
The number of privately owned housing units authorized by permits dropped 3.1 percent from October to 1,007,000. Single-family permits rose 2.1 percent to 634,000.
Housing completions in November were at a rate of 823,000, which is 0.1 percent below October. Single-family completions fell 3.2 percent to 596,000.
