The Census Bureau's monthly New Residential Construction Report shows a second strong month for housing.

Housing Starts

  • Privately-owned housing starts in November were at a seasonally adjusted annual rate of 1,297,000. This is 3.3% above the revised October estimate of 1,256,000 and is 12.9% above the November 2016 rate of 1,149,000.
  • Single-family housing starts in November were at a rate of 930,000; this is 5.3% above the revised October figure of 883,000.
  • The November rate for units in buildings with five units or more was 359,000.
  • Starts for October were revised lower from 1.290,000 units to 1,256,000 units.

Housing Permits

  • Privately-owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,298,000. This is 1.4% below the revised October rate of 1,316,000, but is 3.4% above the November 2016 rate of 1,255,000.
  • Single-family authorizations in November were at a rate of 862,000; this is 1.4% above the revised October figure of 850,000. Authorizations of units in buildings with five units or more were at a rate of 395,000 in November.
  • Permits for October were revised up from 1,297,000 units to 1,316,000 units.

Housing Completions

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  • Privately-owned housing completions in November were at a seasonally adjusted annual rate of 1,116,000. This is 6.1% below the revised October estimate of 1,189,000 and is 7.2% below the November 2016 rate of 1,203,000.
  • Single-family housing completions in November were at a rate of 752,000; this is 4.6% below the revised October rate of 788,000.
  • The November rate for units in buildings with five units or more was 353,000.

By Region

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By region, the Northeast and Midwest were lackluster. The far more important South and West were humming. Both areas has the highest number of starts in at least a year.

These numbers are likely to up GDP estimates and start talk of the economy overheating.

Overheating?

I don't know, but the next step after overheating tends to be collapse.

Mike "Mish" Shedlock

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