WASHINGTON - November housing starts increased 3.9% to 555,000 as building permits declined 4.0% to 530,000, the Commerce Department reported Thursday.
Starts in October were revised higher to 534,000 from 519,000 and building permits were also revised up to 552,000 from the 550,000 initially reported.
Economists expected 550,000 housing starts and 560,000 building permits in November, according to the median estimate from Thomson Reuters.
Housing completions for the month dropped to a record low of 513,000. The data go back to 1968.
Building permits increased in the South and West regions, but slumped in the Northeast and Midwest. New housing starts increased in every region except the Northeast.
For the 12-months ending in November, housing starts fell 5.8% and building permits sank 14.7%.
