Single-family starts reached their highest pace on record in November, climbing 3.3% from the prior month to a seasonally adjusted annual rate of 1.695 million units. This was 20.8% above the pace of home construction a year earlier.
Multifamily housing starts increased 10.6% over October to a seasonally adjusted rate of 375,000 units and they were 5% above the pace of construction in November of last year.
Housing starts in November rose 15.7% in the Northeast, 10.4% in the West and 8% in the Midwest. They declined 2.2% in the South, where production was still 10.4% above the pace of November 2002.
With the issuance of building permits down in all regions of the country in November, housing starts could be poised for some decline this month, Seiders said, but it is now a virtual certainty that total housing production this year will reach the highest level since 1978.
NAHB is forecasting 1.84 million housing starts for 2003.