New Home Starts Surge in November

New Construction has risen 8.9% in November to around 574,000 units. 

The estimated number was predicted to be 563,000 units based on economists that were surveyed by marketwatch.  There has also been reports of jumps in multifamily housing despite seeing some very low numbers for October. 

“We now expect both starts and permits to rally significantly further over the next few months, though the big test for the market will come in the spring,” said Ian Shepherdson, chief U.S. economist at High Frequency Economics. “We also expect the tax credit, currently due to expire on Jun 30, to be extended through the year-end. It’s popular, relatively cheap, and it is an election year,” he added in a note to clients.