Housing starts were up 5.7% m/m in November and 20.7% y/y to 685k. The headline numbers look pretty impressive--the more granular data is ok, but not spectacular. There's a heavy seasonal adjustment to November since there aren't a lot of homes started in the month. Also the increase was led primarily by multifamily units. Starts on large complexes (5 or more units) jumped by 80% y/y, smaller multi-family were up 10% while single family were up 3.6% y/y. The seasonally adjusted 685k units is still within the range that we've been stuck in for several years.
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