After a mixed picture in October (starts down, permits up), analysts expected both to rise in November – and they were right.
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Housing Starts exploded in November, up a shocking 11.8% MoM (after a downwardly revised 3.1% MoM drop in October).
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Building Permits jumped 3.6% MoM (after an upwardly revised +4.2% MoM in October).
Both were dramatically above expectations.
Source: Bloomberg
Starts jumped from their lowest since Feb 2021 to the highest since March…
Source: Bloomberg
The jump in starts was relatively evenly balanced between single-family and multi-family units (+11.3% MoM and +12.9% MoM respectively).
One wonders how long this will last given the slump in mortgage apps and The Fed’s new hawkish 6-hikes-in-two-years plan.
