Double-Digit Gains for Single-Family and Multifamily Production in November

Economics
Published

Single-family and multifamily housing production accelerated in November, due to strong demand for new construction. Overall housing starts increased 11.8% to a seasonally adjusted annual rate of 1.68 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

The November reading of 1.68 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. Within this overall number, single-family starts increased 11.3% to a 1.17 million seasonally adjusted annual rate. The multifamily sector, which includes apartment buildings and condos, increased 12.9% to an annualized 506,000 pace.

“Mirroring gains in the HMI reading of builder sentiment, single-family housing starts accelerated near the end of 2021 and are up 15.2% year-to-date as demand for new construction remains strong due to a lean inventory of resale housing,” said NAHB Chairman Chuck Fowke. “Policymakers need to help alleviate ongoing building material supply chain bottlenecks that are preventing builders from keeping up with buyer demand.”

“Breaking an eight-year trend, in recent months there have been more single-family homes under construction than multifamily units,” said NAHB Chief Economist Robert Dietz. “Moreover, despite some cooling earlier this year, the continued strength of single-family construction in 2021 means there are now 28% more single-family homes under construction than a year ago. These gains mean single-family completions will increase in 2022, bringing more inventory to market despite a 19% year-over-year rise in construction material costs and longer construction times.”

On a regional and year-to-date basis (January through November of 2021 compared to that same time frame a year ago), combined single-family and multifamily starts are 24.4% higher in the Northeast, 9.6% higher in the Midwest, 15.4% higher in the South and 19.4% higher in the West.

Overall permits increased 3.6% to a 1.71 million unit annualized rate in November. Single-family permits increased 2.7% to a 1.10 million unit rate. Multifamily permits increased 5.2% to an annualized 609,000 pace.

Looking at regional permit data on a year-to-date basis, permits are 13.6% higher in the Northeast, 16.3% higher in the Midwest, 19.3% higher in the South and 22.4% higher in the West.

Subscribe to NAHBNow

Log in or create account to subscribe to notifications of new posts.

Log in to subscribe

Latest from NAHBNow

Workforce Development | Membership

Jul 11, 2025

Maine HBA Brings Real-World Training to State’s Future Builders

Recognizing an aging workforce and a critical need for new talent, the Association has partnered with the Sanford Regional Technical Center (SRTC) to prepare the next generation of skilled tradespeople. Through HBA-led instruction, high-school students are building homes from the ground up and gaining real-world experience.

Advocacy | Tax Reform

Jul 10, 2025

What to Know About Expiring Energy Tax Credits

President Trump recently signed the One Big Beautiful Bill Act (OBBBA) into law, which significantly accelerates the termination date for federal energy tax incentives. Builders and remodelers using the credits should be aware of the new expiration dates and where necessary, consult with their tax professional for additional guidance.

View all

Latest Economic News

Economics

Jul 11, 2025

Shrinking Lots: Spec Building New Norm

The share of smaller lots remained record high in 2024, with two out of three new single-family detached homes sold occupying lots under 9,000 square feet (1/5 of an acre or less).

Economics

Jul 10, 2025

Remodeling Market Sentiment Dips in Second Quarter

In the second quarter of 2025, the NAHB/Westlake Royal Remodeling Market Index (RMI) posted a reading of 59, down four points compared to the previous quarter.

Economics

Jul 09, 2025

Mortgage Applications Picked Up in June as Rates Eased

Mortgage application activity picked up in June, supported by a slight decline in interest rates. The Mortgage Bankers Association’s (MBA) Market Composite Index, which tracks mortgage application volume, rose 5.4% from May on a seasonally adjusted basis. Compared to June 2024, total applications were up 21.1%.