Market Updates
Housing Starts, Completions and Building Permits Show Resilient Housing Activities In 2023
Brian Turner
18 Jan, 2024
New York City
Seasonally adjusted building permits, housing starts, and completions rose in December, the U.S. Census Bureau reported Thursday.
Building Permits
Permits for all housing units, including single and multi-family, rose 1.9% from the previous month and advanced 6.1% from a year ago to 1,495 million.
Single-family authorizations in December increased 1.7% to an annual rate of 994,000; authorizations of units in buildings with five units or more were at a rate of 449,000.
For the entire year 2023, permits increased 11.7% to 1,469,800 housing units.
Housing Starts
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.
Single-family housing starts in December were at a rate of 1,027,000, a decline of 8.6% from the revised November rate of 1,124,000.
The December rate for units in buildings with five units or more was 417,000.
For the entire year 2023, housing starts declined 9% to 1,413,100 units from 1,552,600 in 2022.
Housing completion
Housing completions in December were at a seasonally adjusted annual rate of 1,574,000, an increase of 8.7% from the revised November estimate of 1,448,000 and 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, an increase of 8.4% from the revised November rate of 974,000.
The December rate for units in buildings with five units or more was 509,000.
For the entire year 2023, housing completions rose 4.5% to 1,452,500 units from 1,390,500 in 2022.
Annual Returns
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Earnings
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