November new housing starts were at a 1.289 million unit rate, down 1.8% from October and down 14.6% from the 1.510 million unit rate in November 2023. This is the lowest monthly start rate since July. The drop in starts in November mainly came from multi-family units, which came in at their lowest rate since March. However, permits, an indicator for future construction, increased after sliding in the previous two months.
Total construction spending continued to increase in October, now up for the third consecutive month.
Now up for the third consecutive month, total construction spending continued to increase in October. Total spending came in at a $2.174 trillion rate, up 0.4% from September and up 5.0% from the $2.071 trillion rate in October 2023. Despite the continued year-over-year increases, this was the smallest increase since April 2020. While non-residential construction declined, the boost in residential spending helped lift the overall number. Residential spending was up 1.5% from September and up 6.4% from October 2023.
Total construction spending continued to increase in October, now up for the third consecutive month.
Now up for the third consecutive month, total construction spending continued to increase in October. Total spending came in at a $2.174 trillion rate, up 0.4% from September and up 5.0% from the $2.071 trillion rate in October 2023. Despite the continued year-over-year increases, this was the smallest increase since April 2020. While non-residential construction declined, the boost in residential spending helped lift the overall number. Residential spending was up 1.5% from September and up 6.4% from October 2023.
U.S. light vehicle production increased in October and is now up for the second time in the last three months.
Light vehicle production totaled 966,169 units in October, up 10.1% from September and up 14.5% from the strike-impacted 843,625 units last October. On per/day basis, auto production was at its highest daily rate since April. Sales have now increased, on a year-over-year basis, in consecutive months.
Business activity from the manufacturing sector grew strongly in the New York region in November.
The inventory of light vehicles on dealer lots increased in October, now up for the third consecutive month.
After slowing in September, U.S. light vehicle sales rebounded in October. Sales increased to 1.325 million units, up 13.3% from September and up 10.4% from last October. This was the largest year-over-year increase since December. Year-to-date light vehicle sales are now up 1.6% compared to the same timeframe last year. Much like in September, robust new-vehicle inventory and heightened incentives are key factors helping maintain steady sales volume. Throughout 2024, incentives for new-vehicle sales have been steadily increasing, recently reaching the highest level since early 2021.
