Last Update: 16-Dec-14 08:52 ET
- Housing starts declined 1.6% in November to 1.028 mln from an upwardly revised 1.045 mln (from 1.009 mln) in October. The Briefing.com consensus pegged housing starts at 1.035 mln.
- Recent gains in the NAHB Homebuilders survey suggested rapid construction growth is on the near-term horizon. Over the last 12 months, however, housing starts have averaged 994,000 per month and recent trends are slightly upward moving. Homebuilders may be saying that they expect strong demand growth, yet the lackluster housing starts data clearly show that they are not actively preparing for an acceleration in demand.
- Single-family starts declined 5.4% in November to 677,000 from an upwardly revised 716,000 (from 696,000) in October. The upward revision to October brought new single-family construction to its highest point since 728,000 units were started in March 2008. A pullback in November was only natural.
- Multifamily construction increased 6.7% from 329,000 in October to 351,000 in November. This volatile sector has followed a sawtooth trend since the beginning of the summer.
- Over the last 12 months housing starts have averaged 994,000 per month and recent trends are slightly upward moving.