New residential construction rises sharply in the U.S.

TRD New York /
Dec.December 20, 2011 10:14 AM

New residential construction surged nationwide November to its highest level of the year, and more building permits were issued than in any other month in 2011, according to a report released today by the U.S. Census Bureau and the Department of Housing and Urban Development.

Housing starts in November stood at a seasonally adjusted annual rate of 685,000, 9.3 percent above October’s estimate and a 24.3 percent increase over November 2010. The uptick was most profound in structures with five or more units, as that market segment gained 32.2 percent month-over-month and 180.5 percent year-over-year.

New building permits also made significant gains, rising 5.7 percent from the previous month, and 20.7 percent over the last 12 months.

The two figures combine to send positive signals to homebuilders, who have suffered through several years of stagnant housing growth. However, even with the large increases, November’s seasonally adjusted annual figures still sit well below the 1.2 million new homes that economists say would be built in a healthy housing market.

Meanwhile, housing completions fell in November, to a seasonally adjusted annual rate of 542,000. That is 5.6 percent below October’s estimate and 1.6 percent less than the figure recorded in November 2010. — Adam Fusfeld

Related Articles

From left: the Ritz-Carlton, 32 East 1st Street, 560 West 24th Street, 301 East 80th Street and 32 West 85th Street

Five priciest homes new to market include 1897 townhouse

Ed Gilligan and 3 East 94th Street (Credit: Getty Images, Compass)

Don’t leave home without $21M: Amex exec’s widow sells townhouse

From left: Jed Wilder, Bess Freedman, Richard Grossman, Josh Sarnell and Adam Mahfouda (Credit: Emily Assiran) 

Agents to StreetEasy: The fee is too damn high

40 East 72nd Street (Credit: Google Maps)

Nightmare on E. 72nd Street raises question: Are small condos risky?

Jed Garfield of Leslie J. Garfield; Richard Grossman, president of Halstead Real Estate; Sarah Saltzberg, principal broker and CEO of Bohemia Realty Group; Douglas Elliman’s Howard Lorber

NYC brokers slam bias, promise action after Newsday exposé

The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

Zillow CEO Rich Barton (Credit: iStock)

Zillow and Opendoor aren’t making much on home-flipping

This week, the State Department of Taxation and Finance issued a new memo that notably made no mention of condos. (Credit: iStock)

Regulators quietly change stance on condos in LLC law