Nov Housing Starts totaled 685k, 50k more than expected and up from 627k in Oct. Most of the gain again was in the multi family category where starts there rose to the most since Sept ’08. Single family starts rose to the highest since June and permits rose to the most since Dec ’10, notwithstanding the still very high levels of existing homes. The overall gain in permits though was also led by multi family as they rose by 30k. From a jobs perspective, multi family construction is right now a boon. Multi family units completed totaled 102k vs the 238k new jobs started and permits for 246k more. Thus workers on all the finished multi family jobs have plenty of opportunity to hop on another with the need for even more.
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