Published on: December 19, 2023
As we approach the close of 2023, the latest data on new residential construction for the month of November has been released, shedding light on the current state of the housing market. These figures provide valuable insights into various aspects of privately-owned housing units, including the pace of new construction, authorizations, and completed projects. Let's delve into the key findings from the November 2023 report, examining both monthly and annual percentage changes.
1. New Privately-Owned Housing Units Started: Total Units
- Monthly Change: +14.8%
- Annual Change: +9.3%
The data indicates a robust growth in new housing unit starts for November, showcasing a significant positive trend in the construction sector.
2. New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- Monthly Change: -2.5%
- Annual Change: +4.1%
While there is a slight dip in monthly authorizations, the annual figures still reflect a positive trajectory, indicating ongoing confidence in the housing market.
3. New Privately-Owned Housing Units Started: Single-Family Units
- Monthly Change: +18.0%
- Annual Change: +42.2%
The surge in single-family housing starts is particularly noteworthy, signaling a strong demand for standalone homes in the market.
4. New Privately-Owned Housing Units Under Construction: Total Units
- Monthly Change: +0.7%
- Annual Change: -0.6%
A modest increase in under-construction units suggests a steady pace of ongoing projects, despite a slight annual decline.
5. New Privately-Owned Housing Units Completed: Total Units
- Monthly Change: +5.0%
- Annual Change: -6.2%
The completion of housing units has seen a notable monthly uptick, though the annual figure reflects a decrease, possibly due to factors affecting project timelines.
6. New Privately-Owned Housing Units Under Construction: Units in Buildings with 5 Units or More
- Monthly Change: -0.1%
- Annual Change: +7.9%
While there is a marginal decrease in monthly data for larger buildings, the annual increase suggests sustained interest in multi-unit constructions.
7. New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Single-Family Units
- Monthly Change: +0.7%
- Annual Change: +22.8%
The authorization of single-family units continues to climb, showcasing a positive outlook for individual homeownership.
8. New Privately-Owned Housing Units Under Construction: Single-Family Units
- Monthly Change: +1.9%
- Annual Change: -10.8%
While there is a monthly increase in under-construction single-family units, the annual figure reflects a decline, possibly indicating challenges in this specific segment.
9. New Privately-Owned Housing Units Completed: Single-Family Units
- Monthly Change: -3.2%
- Annual Change: -12.9%
Completion of single-family units has experienced a decline both monthly and annually, requiring closer examination of contributing factors.
10. New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Units in Buildings with 5 Units or More
- Monthly Change: -9.6%
- Annual Change: -21.3%
A notable decrease in monthly authorizations for larger buildings may suggest a shift in market dynamics.
11. New Privately-Owned Housing Units Completed: Units in Buildings with 5 Units or More
- Monthly Change: +26.5%
- Annual Change: +9.5%
A substantial increase in completed units within larger buildings may indicate a surge in such developments.
12. New Privately-Owned Housing Units Authorized but Not Started: Total Units
- Monthly Change: -4.9%
- Annual Change: -6.9%
The decline in authorized but not started projects suggests a potential slowdown in upcoming construction.
13. New Privately-Owned Housing Units Started: Units in Buildings with 2-4 Units
- Monthly Change: -31.6%
- Annual Change: -7.1%
A significant monthly drop in this category requires a closer look to understand the underlying causes.
14. New Privately-Owned Housing Units Started: Units in Buildings with 5 Units or More
- Monthly Change: +8.9%
- Annual Change: -33.7%
The November 2023 report on new residential construction unveils a dynamic housing market, marked by significant monthly increases in total housing starts and single-family units. Despite a slight dip in monthly authorizations for total units, the annual figures suggest continued confidence in the market. Notably, there is a surge in single-family housing starts, indicating a strong demand for standalone homes. While under-construction units show a modest monthly increase, completed units experience a notable uptick, especially in larger buildings. Challenges are evident in certain segments, such as a decline in completed single-family units and a significant monthly drop in units started in buildings with 2-4 units. Overall, the data provides a comprehensive snapshot of the diverse trends shaping the current state of new residential construction, highlighting both opportunities and challenges in the evolving housing landscape.
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