Permits, Starts Rise Significantly in Northeast and South
Building permits issued in November werernup 5.7 percent from the number issued in October according to joint datarnreleased this morning by the U.S. Census Bureau and the Department of Housingrnand Urban Development (HUD). The seasonallyrnadjusted annual rate was 681,000 permits compared to 644,000 in Octoberrnalthough the October figure was adjusted downward from an earlier estimate ofrn653,000. The annual rate is now 20.7rnpercent higher than one year ago.</p
Authorizations for single family homesrnwere issued at a rate of 435,000, an increase of 1.6 percent above therndownwardly revised (from 434,000) rate of 428,000 in October. Permits for units in buildings of 5 or morernunits were issued at a rate of 224,000 compared to 193,000 in October. Single family permits are being issued at arnpace that is 3.6 percent higher than in November 2010.</p
Permits were up dramatically in thernNortheast region. The annual rate ofrn81,000 in November was a 32.8 percent increase over the pace in October. The South also saw a substantial increasernfrom a rate of 131,000 in October to 159,000 in November, a 21.4 percentrnincrease. The other two regions, thernMidwest and the South were down 1.9 percent and 2.6 percent respectively.</p
The pace of permitting is running wellrnabove one year ago in all four regions. rnIn the West permits are up 29.3 percent, the Northeast 26.6 percent, thernSouth 18.7 percent, and the Midwest 11.7 percent.
Housing starts increased 9.3 percentrnabove the revised October estimate; 685,000 to 627,000, and were up 24.3rnpercent from one year earlier. ThernOctober estimate was revised downward from the 630,000 originallyrnreported. Construction was begun onrnsingle family units at a rate of 447,000, 2.3 percent above Octobers revisedrnestimate of 437,000. Starts of units in<bmulti-family buildings were are the rate of 230,000 compared to 174,000 inrnOctober.</p
Housing completions were at a rate ofrn542,000, down 5.6 percent from October and 1.6 percent below the November 2010rnrate of 551,000.</p
At the end of the reporting period therernwere 73,400 outstanding permits for which construction had not yet begun. This is 1.6 percent lower than the Octoberrnfigure. More than half (39,600) of thernpermits are in the Southern Region with another 18,700 outstanding permits inrnthe West.</p
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