By Iain Gilbert
Date: Wednesday 18 Dec 2024
(Sharecast News) - US building permits surged 6.1% in November to a seasonally adjusted rate of 1.50m, according to the Census Bureau, erasing October's 0.4% decline and well and truly ahead of expectations for a print of 1.43m.
November's increase was the sharpest seen since February 2023 and boosted permits to their highest annualised level since February 2024. Single-family permits rose by 0.1% to an annualized rate of 972,000, while permits for buildings with five or more units soared by 22.1% to 481,000.
Housing starts, on the other hand, unexpectedly fell 1.8% to 1.28m in November, the lowest reading in four months and missing expectations for an increase from 1.31m in October to 1.34m.
Starts for houses with five units or more plunged 24.1% to 264,000, offsetting a 6.4% increase in the single-family segment to 1.01m.
Reporting by Iain Gilbert at Sharecast.com
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