Housing starts and permits had double digit positive moves in November as reported by the Census Bureau and HUD. The November starts figures rebounded from a low October level but still managed to exceed half of the monthly levels reported for 2015. Single-family starts were up 7.6% to 768,000, their highest level since January 2008. Every region except the Midwest experienced a rise in single-family starts.
Permits also peaked at their highest level since August 2007 at 1,289,000 which was up 11% from an upwardly revised October. Single-family permits were up modestly but enough to also set an eight year record of 723,000. Single-family permits rose in every region except the South, which was still the second highest of the year.
Multifamily starts rose 16.4% offsetting a 25% drop in October to a 405,000 level and very near the average so far this year of 396,000. Multifamily permits jumped to 566,000, a 26.9% rise, well above the year-to-date average of 481,000.