Housing Starts Down Sharply In November

Privately owned housing starts in November were at a seasonally adjusted annual rate of 1.78 million. This is 13.1 percent below the revised October estimate of 2.04 million and is 13.8 percent below the November 2003 rate of 2.05 million.

Starts of single-family homes declined by a sharp 11.7 percent to a seasonally adjusted annual rate of 1.45 million in November.

Meanwhile, permits authorizing new housing starts also fell 1.5 percent to an annual rate of 1.99 million homes last month but up 3.5 percent over the same month a year ago.

Construction of new homes and apartments fell in all four regions, with the biggest drop in the Midwest (-19.4 percent).