NOVEMBER HOUSING STARTS SURGE 9.3% TO A 685,000 PACE

November housing starts surged 9.3% to an annualized 685,000 pace. It was the highest pace since April 2010, and was much stronger than the 630,000 expected by consensus. On a year-over-year basis, starts are up 24.3% over last November. Helped by strength in rental properties, once again, multifamily starts largely explain the overall gain, climbing 32.2% m/m to a 230,000 pace in November (up 180.5% y/y). Single family starts rose a much smaller 2.3% over October to 447,000, and is down 1.5% over last year. Permits rose 5.7% to a 681,000 annualized pace, the highest since March 2010, to support future construction activity down the road. The much better than expected data will likely give stock prices a boost today.

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