HUD AND CENSUS BUREAU ANNOUNCE NEW RESIDENTIAL CONSTRUCTION ACTIVITY IN NOVEMBER

WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau today announced the following new residential construction statistics for November 2014:

BUILDING PERMITS

Privately owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,035,000. This is 5.2 percent (±1.4%) below the revised October rate of 1,092,000 and is 0.2 percent (±1.8%)* below the November 2013 estimate of 1,037,000. Single-family authorizations in November were at a rate of 639,000; this is 1.2 percent (±1.4%)* below the revised October figure of 647,000. Authorizations of units in buildings with five units or more were at a rate of 367,000 in November.

HOUSING STARTS

Privately owned housing starts in November were at a seasonally adjusted annual rate of 1,028,000. This is 1.6 percent (±8.1%)* below the revised October estimate of 1,045,000 and is 7.0 percent (±10.2%)* below the November 2013 rate of 1,105,000. Single-family housing starts in November were at a rate of 677,000; this is 5.4 percent (±8.1%)* below the revised October figure of 716,000. The November rate for units in buildings with five units or more was 340,000.

HOUSING COMPLETIONS

Privately owned housing completions in November were at a seasonally adjusted annual rate of 863,000. This is 6.4 percent (±8.3%)* below the revised October estimate of 922,000, but is 4.5 percent (±9.6%)* above the November 2013 rate of 826,000. Single-family housing completions in November were at a rate of 596,000; this is 2.9 percent (±8.2%)* below the revised October rate of 614,000. The November rate for units in buildings with five units or more was 256,000.

New Residential Construction data for December 2014 will be released on Wednesday, January 21, 2014, at 8:30 A.M. EST.

EXPLANATORY NOTES

In interpreting changes in the statistics in this release, note that month-to-month changes in seasonally adjusted statistics often show movements which may be irregular. It may take two months to establish an underlying trend for building permit authorizations, 4 months for total starts, and six months for total completions. The statistics in this release are estimated from sample surveys and are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimated relative standard errors of the most recent data are shown in the tables. Whenever a statement such as "2.5 percent (±3.2%) above" appears in the text, this indicates the range (-0.7 to +5.7 percent) in which the actual percent change is likely to have occurred. All ranges given for percent changes are 90-percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. The same policies apply to the confidence intervals for percent changes shown in the tables. On average, the preliminary seasonally adjusted estimates of total building permits, housing starts and housing completions are revised about three percent or less. Explanations of confidence intervals and sampling variability can be found on our web site listed above.

* 90% confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.