Statement from U.S. Commerce Secretary John Bryson on New Residential Construction in November 2011
WASHINGTON – The Commerce Department's U.S. Census Bureau today released data on new residential construction in November 2011. Permits for new housing units rose 5.7 percent in November, well-above private-sector expectations of a 1.7 percent decline. Housing starts soared to their highest level since April 2010, increasing 9.3 percent from October to November and 24.3 percent from November 2010. Private-sector analysts had expected an 0.3 percent rise.
Today's news was driven in large part by a significant upturn in multi-family housing starts - an increase of 25.3 percent from October to November 2011. The three-month average of multi-family starts is also up.