by Calculated Risk on 2/16/2023 08:42:00 AM
From the Census Bureau: Permits, Starts and Completions
Privately-owned housing starts in January were at a seasonally adjusted annual rate of 1,309,000. This is 4.5 percent below the revised December estimate of 1,371,000 and is 21.4 percent below the January 2022 rate of 1,666,000. Single-family housing starts in January were at a rate of 841,000; this is 4.3 percent below the revised December figure of 879,000. The January rate for units in buildings with five units or more was 457,000.
Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,339,000.
This is 0.1 percent above the revised December rate of 1,337,000, but is 27.3 percent below the January 2022 rate of 1,841,000.
Single-family authorizations in January were at a rate of 718,000; this is 1.8 percent below the revised December figure of
731,000. Authorizations of units in buildings with five units or more were at a rate of 563,000 in January
Click on graph for larger image.
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (blue, 2+ units) decreased in January compared to December. Multi-family starts were down 8.1% year-over-year in January.
Single-family starts (red) decreased in January and were down 27.3% year-over-year.
The second graph shows single and multi-family housing starts since 1968.
This shows the huge collapse following the housing bubble, and then the eventual recovery – and the recent collapse in single-family starts.
Total housing starts in January were below expectations, however, starts in November and December were revised up slightly, combined.
I’ll have more later …