Updated: 19-Feb-25 09:18 ET
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Updated: 19-Feb-25 09:18 ET |
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Highlights
- January housing starts declined 9.8% month-over-month to a seasonally adjusted annual rate of 1.366 million (Briefing.com consensus 1.400 million) from an upwardly revised 1.515 million (from 1.499 million) in December.
- Building permits rose 0.1% to a seasonally adjusted annual rate of 1.483 million (Briefing.com consensus 1.450 million) from a downwardly revised 1.482 million (from 1.483 million) in December.
Key Factors
- The change in single-unit starts by region: Northeast (-14.5%); Midwest (-9.2%); South (-19.2%); and West (+24.9%).
- The change in single-unit permits by region: Northeast (-1.6%); Midwest (+5.5%); South (-3.9%); and West (+8.0%).
- Multi-unit starts declined 13.5% month-over-month while multi-unit permits were flat month-over-month.
- The number of units under construction at the end of the period decreased 1.4% month-over-month to a seasonally adjusted annual rate of 1.409 million.
Big Picture
- The key takeaway from the report is that there was no growth in starts or permits for single-family housing units, which will contribute to ongoing affordability constraints in the existing home market, which is short on inventory. Single-unit starts were down 8.4% month-over-month while single-unit permits were flat.
Category |
JAN |
DEC |
NOV |
OCT |
SEP |
Starts |
136K |
1515K |
1305K |
1344K |
1355K |
1 Unit |
993K |
1084K |
1021K |
943K |
1045K |
Multi Units |
373K |
431K |
284K |
401K |
310K |
Permits |
1483K |
1482K |
1493K |
1419K |
1425K |