Dec. Housing Starts Declined 4.3% from Nov., But Rose 7.6% YOY

January 18, 2024, from Floor Focus FloorDaily News

 

Washington, DC, January 18, 2024 – Privately‐owned housing starts in December were at a seasonally adjusted annual rate of 1,460,000, 4.3% below the revised November estimate of 1,525,000 but 7.6% above the December 2022 rate of 1,357,000, according to the U.S. Census Bureau. Single‐family housing starts in December were at a rate of 1,027,000; this is 8.6% below the revised November figure of 1,124,000. The December rate for units in buildings with five units or more was 417,000.

An estimated 1,413,100 housing units were started in 2023. This is 9.0% below the 2022 figure of 1,552,600.

Privately‐owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,495,000. This is 1.9% above the revised November rate of 1,467,000 and is 6.1% above the December 2022 rate of 1,409,000. Single‐family authorizations in December were at a rate of 994,000; this is 1.7% above the revised November figure of 977,000. Authorizations of units in buildings with five units or more were at a rate of 449,000 in December.

An estimated 1,469,800 housing units were authorized by building permits in 2023. This is 11.7% below the 2022 figure of 1,665,100.

Privately‐owned housing completions in December were at a seasonally adjusted annual rate of 1,574,000. This is 8.7% above the revised November estimate of 1,448,000 and is 13.2% above the December 2022 rate of 1,390,000. Single‐family housing completions in December were at a rate of 1,056,000; this is 8.4% above the revised November rate of 974,000. The December rate for units in buildings with five units or more was 509,000.

An estimated 1,452,500 housing units were completed in 2023. This is 4.5% above the 2022 figure of 1,390,500.