MetroIntelligence Economic Update by P. DUFFY
Housing starts up 11.8 percent in November and 8.3 percent year-on-year
Privately‐owned housing starts in November were at a seasonally adjusted annual rate of 1,679,000. This is 11.8 percent above the revised October estimate of 1,502,000 and is 8.3 percent above the November 2020 rate of 1,551,000. Single‐family housing starts in November were at a rate of 1,173,000; this is 11.3 percent above the revised October figure of 1,054,000.
Building permits rise 3.6 percent in November and up 0.9 percent year-on-year
Privately‐owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,712,000. This is 3.6 percent above the revised October rate of 1,653,000 and is 0.9 percent above the November 2020 rate of 1,696,000. Single‐family authorizations in November were at a rate of 1,103,000; this is 2.7 percent above the revised October figure of 1,074,000.
December economic output index slips to 57.2, but still well into expansion territory
Adjusted for seasonal factors, the IHS Markit Flash US Composite PMI Output Index posted 56.9 in December, down slightly from 57.2 in November, but still signalling a strong rise in private sector business activity. Although slower than rates seen earlier in the year, the pace of output growth was faster than the historic trend.