Give yourself a pat on the back: National housing stats just keep breaking post-recession records as permitting reached a pace of 1.37 million in November. Experts do not think that the housing industry will reach pre-recession numbers anytime soon, but this month’s strong showing highlights the turning tides as builders finally climb over the overhang from the pre-recession housing boom.
The numbers: Builders began construction on new homes in the U.S. at a pace of 1.37 million in November, the Commerce Department said Tuesday. This represented a 3.2% increase from a revised 1.32 million in October and was 13.6% higher than a year ago.
Meanwhile, permitting activity hit yet another post-recession high. Building permits for privately-owned housing units were authorized at a seasonally-adjusted rate of 1.48 million. That was 1.4% above the pace of 1.46 million set in October and 11.1% above last year’s rate.
Housing starts and building permits both came in above the consensus estimates of economists polled by MarketWatch, which were 1.36 million and 1.44 million respectively.
PB Topical Ref
