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November Housing Starts Still Strong

Posted in Industry News

November Housing Starts Still Strong

The U.S. Census Bureau and the Department of Housing and Urban Development recently released data showing housing construction activity was still strong in November, according to a new report from the National Association of Home Builders. The overall number of housing starts was slightly down by 1.6 percent last month from an upwardly revised October pace, but builder confidence has remained positive, which serves as a predictor of good things to come for the construction sectors as we move into 2015.

In October, the housing market saw a rise for both single-family and multifamily construction. For November, the rate of single-family construction starts came in at 677,000, down 5.4 percent from the elevated October reading of 716,000. However, multifamily starts of properties with five or more units saw gains of 7.6 percent to a 340,000 rate in November. The pace of total housing starts increased in three out of four Census regions last month, but single-family starts were down in the South after a rise in October.

Read the full article from NAHB here.

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