The November report from the The U.S. Census Bureau and the U.S. Department of Housing and Urban Development is out—and it’s good news for home construction. Compared to October 2021, construction permits, starts and completions all saw month-over-month increases.
Privately owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,712,000, a 3.6 percent increase from October. Single‐family authorizations in November were at a rate of 1,103,000, 2.7 percent increase from October.
Privately owned housing starts were up 11.8 percent in November to a seasonally adjusted annual rate of 1,679,000. Single‐family housing starts in November were at a rate of 1,173,000, an 11.3 percent increase from the month prior.
When it comes to construction wraps, privately owned housing completions were up 4.1 percent in November to 1,282,000. Single‐family housing completions in November increased just 0.1 percent to 910,000 compared to October 2021.