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New U.S. housing starts unexpectedly rose 5.3% in November, with construction picking up for single-family homes and apartment and condo buildings. Privately owned housing starts in November were at a seasonally adjusted annual rate of 2.12 million, compared with a revised estimate of 2.02 million in October, the U.S. Census Bureau and the Department of Housing and Urban Development said Tuesday. Economists were expecting 2.02 million in November. The starts were up 17.5% from last November's tally of 1.8 million. "I don't think it necessarily signifies some boom in housing," says Gina Martin, a Wachovia economist, who instead says housing construction is reaching a plateau. Martin says the November data are often volatile since weather changes can affect construction. Wachovia expects housing starts will total 2.05 million this year, and then gradually decline to a total of 1.92 million in 2006. Single-family housing starts in November were at a rate of 1.8 million, which is 4.8% above October. The agencies also said that building permits for housing units rose 2.5% in November to a seasonally adjusted annual rate of 2.15 million. Get Jim Cramer's picks for 2006.
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