For Immediate Release | Dec. 18, 2024
Contact: Kristen Crossman
Email | Phone: (651) 697-7579
Single-Family Authorizations Flat, Multi-Family Sees Double-Digit Month-Over-Month Increase
[ST. PAUL, MINN.] The seasonally adjusted annual rate of housing units authorized in the United States ticked up 6.1 percent in November, according to the United States Census Bureau’s Building Permit Survey report released this morning.
“With another rate cut expected today, it’s important policymakers turn their eyes to affordability-centric policies,” said Nick Erickson, executive director of Housing Affordability Institute, a housing policy think tank. “The supply crunch has driven up prices for both existing for-ownership and for-rent. Given the affordability limitations, policymakers at the local and state levels must lift roadblocks to affordability and production.”
MONTHLY ACTIVITY
Building Permits:
In November, permits for privately owned housing units were issued at a seasonally adjusted annual rate of 1,505,000. This represents a 6.1% increase compared to the revised October rate of 1,419,000 but is slightly lower—by 0.2%—than the November 2023 rate of 1,508,000. Single-family home permits in November were at a rate of 972,000, marking a 0.1% rise from the revised October figure of 971,000. Permits for buildings with five or more units were issued at a rate of 481,000 during the month.
Housing Starts:
The seasonally adjusted annual rate for housing starts in November was 1,289,000 for privately-owned properties. This is 1.8% (±10.6%) below October’s revised estimate of 1,312,000 and 14.6% (±11.7%) lower than the November 2023 rate of 1,510,000. Starts on single-family homes reached a rate of 1,011,000 in November, reflecting a 6.4% (±10.8%) increase from October’s revised figure of 950,000. For buildings with five or more units, the November start rate was 264,000.
Housing Completions:
Housing completions for privately owned units in November were at a seasonally adjusted annual rate of 1,601,000. This is 1.9% (±9.2%) lower than October’s revised estimate of 1,632,000 but 9.2% (±12.9%) higher than the November 2023 rate of 1,466,000. Single-family home completions for November were recorded at a rate of 1,038,000, which is 3.3% (±8.7%) above the revised October rate of 1,005,000. For buildings with five or more units, the completion rate in November stood at 544,000.
