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US housing starts up 3.3%, building permits fall 1.4% in November

U.S privately owned housing starts rose 3.3% to a seasonally adjusted annual rate of 1,297,000 in November from a revised October estimate of 1,256,000 and jumped 12.9% year over year, the U.S. Census Bureau and the Department of Housing and Urban Development said.

Single family housing starts stood at 930,000 in November, up 5.3% from a revised October estimate of 883,000. The report showed a November rate of 359,000 for units in buildings with five or more units.

Housing units authorized by building permits slipped 1.4% to a seasonally adjusted annual rate of 1,298,000 in November from a revised October rate of 1,316,000, but increased 3.4% compared with the November 2016 rate. Single family authorizations came in a rate of 862,000, up 1.4% from a revised October rate of 850,000. The report said the November rate for authorizations of units in buildings with five units or higher stood at 395,000.

Housing completions also declined 6.1% to a seasonally adjusted annual rate of 1,116,000 in November, from a revised October estimate of 1,189,000 and decreased 7.2% year over year. Single family housing completions, the report said, also slipped 4.6% to a rate of 752,000 in November from a revised October rate of 788,000. The November rate for units in buildings with five units or more stood at 353,000.