Jan. 2024 housing starts fell by -8.8 %
Housing Starts U.S. Economic Indicators
The construction of new homes, as well as the issuance of new building permits declined in Jan. 2024, signaling slowdown in economic growth and decrease in business profitability. In Jan. 2024 U.S. housing starts dropped by -8.8 % on the seasonally adjusted basis to annual rate of 1,331,000 units, a decrease of 129,000 units from 1,460,000 in December. Most of decline took place in the Midwest and it was concentrated in multi-dwelling buildings such as apartments.
New building retreated -24.1 % to annual rate of 104,000 units in the Midwest while the construction of multi-family units decreased -24.5 % accounting for 24.57 % of total construction. As demand for renting apartments declines.
The government cautions that its monthly housing data are volatile and subject to large sampling and other statistical errors. In most months, the government can't be sure whether starts increased or decreased.
In construction of housing units was bellow average rate of 1,385,512 housing starts.Building permits decreased by -1.7 % or 25,000 units to an annual rate of 1,331,000 units, from 1,460,000 in December on the seasonally adjusted basis Demand for building permits fell the most in the South and it was concentrated in multi-dwelling buildings such as apartments.
The issuance of new permits declined -7.0 % to annual rate of 753,000 units in the South while the permits for multi-family units decreased -9.2 % accounting for 24.57 % of total building permits issued.
Permits indicate whether demand for new homes is growing or slowing. Compare to a year ago monthly building permits jumped by 9.8 %
|
|
|
|
Housing starts rose by 0.8 % over the past 12 months, in midwest housing starts rose the most, by 20.3 %.
|
Permits By Region |
- In Northeast
housing units were authorized at seasonally adjusted annual rate of 117,000
units, an
increase of 16,000
units,
or 15.84 % from 101,000
units Dec. 2023 and an
increase of 10.38 % from 106,000
units Jan. 2023.
- In
Midwest housing units were authorized at seasonally
adjusted annual rate of 210,000
units, an
increase of
11,000
units,
or
5.53 % from 199,000
units Dec. 2023 and an
increase of
17.98 % from 178,000
units Jan. 2023.
- In
West housing units were authorized at seasonally adjusted
annual rate of 343,000
units, an
increase of
8,000
units,
or
2.39 % from 335,000
units Dec. 2023 and an
increase of
17.06 % from 293,000
units Jan. 2023.
|
- In
South housing units were authorized at seasonally adjusted annual rate of 800,000
units, an
decrease of 60,000
units,
or -6.98 % from 860,000
units Dec. 2023 and an
increase of 4.99 % from 762,000
units Jan. 2023.
|
New Housing Units Authorized
(Seasonally adj., at Annual Rate, units), units) |
Jan. 2024
prel. |
Dec. 2023
prel. |
Nov. 2023
prel. |
Oct. 2023
prel. |
Sep. 2023
prel. |
Total |
|
1,470,000 |
1,495,000 |
1,467,000 |
1,487,000 |
1,473,000 |
In structures Single-family units |
|
1,015,000 |
994,000 |
977,000 |
968,000 |
965,000 |
In structures with 2 - 4 units |
|
50,000 |
52,000 |
47,000 |
50,000 |
49,000 |
In structures with 5 units or more |
|
405,000 |
449,000 |
443,000 |
469,000 |
459,000 |
Northeast |
|
117,000 |
101,000 |
84,000 |
126,000 |
106,000 |
Midwest |
|
210,000 |
199,000 |
190,000 |
169,000 |
189,000 |
South |
|
800,000 |
860,000 |
793,000 |
843,000 |
820,000 |
West |
|
343,000 |
335,000 |
400,000 |
349,000 |
358,000 |
New Housing Units Authorized
(Seasonally adj., at Annual Rate, units), in M / M) |
Jan. 2024 prel. |
Dec. 2023 prel. |
Nov. 2023 prel. |
Oct. 2023 prel. |
Sep. 2023 prel. |
Total |
-1.67 % |
1.91 % |
-1.34 % |
0.95 % |
-4.54 % |
In structures Single-family units |
2.11 % |
1.74 % |
0.93 % |
0.31 % |
1.69 % |
In structures with 2 - 4 units |
-3.85 % |
10.64 % |
-6 % |
2.04 % |
-16.95 % |
In structures with 5 units
or more |
-9.8 % |
1.35 % |
-5.54 % |
2.18 % |
-14.21 % |
Northeast |
15.84 % |
20.24 % |
-33.33 % |
18.87 % |
-10.17 % |
Midwest |
5.53 % |
4.74 % |
12.43 % |
-10.58 % |
-9.13 % |
South |
-6.98 % |
8.45 % |
-5.93 % |
2.8 % |
-2.73 % |
West |
2.39 % |
-16.25 % |
14.61 % |
-2.51 % |
-4.28 % |
New Housing Units Authorized
(Seasonally adj., at Annual Rate, units), in % Y/Y) |
Jan. 2024 prel. |
Dec. 2023 prel. |
Nov. 2023 prel. |
Oct. 2023 prel. |
Sep. 2023 prel. |
Total |
9.78 % |
11.82 % |
9.31 % |
-2.56 % |
-5.82 % |
In structures Single-family units |
40.58 % |
35.98 % |
25.1 % |
15.38 % |
10.67 % |
In structures with 2 - 4 units |
-7.41 % |
13.04 % |
-9.62 % |
-7.41 % |
2.08 % |
In structures with 5 units
or more |
-28.06 % |
-19.82 % |
-12.97 % |
-25.91 % |
-28.73 % |
Northeast |
10.38 % |
-12.17 % |
-26.32 % |
5 % |
-15.2 % |
Midwest |
17.98 % |
13.71 % |
-3.55 % |
-19.14 % |
-10 % |
South |
4.99 % |
16.22 % |
5.03 % |
-2.77 % |
-3.76 % |
West |
17.06 % |
9.12 % |
44.93 % |
5.76 % |
-5.04 % |
New Housing Units Started
(Seasonally adj., at Annual Rate, units) |
Jan. 2024
prel. |
Dec. 2023
prel. |
Nov. 2023
prel. |
Oct. 2023
prel. |
Sep. 2023
prel. |
Total |
|
1,331,000 |
1,460,000 |
1,525,000 |
1,372,000 |
1,358,000 |
In structures Single-family units |
|
1,004,000 |
1,027,000 |
1,124,000 |
970,000 |
963,000 |
In structures with 2 - 4 units |
|
13,000 |
16,000 |
13,000 |
20,000 |
12,000 |
In structures with 5 units or more |
|
314,000 |
417,000 |
388,000 |
382,000 |
383,000 |
Northeast |
|
104,000 |
108,000 |
130,000 |
71,000 |
83,000 |
Midwest |
|
142,000 |
187,000 |
205,000 |
244,000 |
203,000 |
South |
|
753,000 |
787,000 |
829,000 |
723,000 |
772,000 |
West |
|
332,000 |
378,000 |
361,000 |
334,000 |
300,000 |
New Housing Units Started
(Seasonally adj. at Annual Rate, units), in Y / Y) |
Jan. 2024 prel. |
Dec. 2023 prel. |
Nov. 2023 prel. |
Oct. 2023 prel. |
Sep. 2023 prel. |
Total |
-8.84 % |
-4.26 % |
11.15 % |
1.03 % |
5.85 % |
In structures Single-family units |
-2.24 % |
-8.63 % |
15.88 % |
0.73 % |
2.34 % |
In structures with 2 - 4 units |
-18.75 % |
23.08 % |
-35 % |
66.67 % |
50 % |
In structures with 5 units
or more |
-24.7 % |
7.47 % |
1.57 % |
-0.26 % |
14.67 % |
Northeast |
-3.7 % |
-16.92 % |
83.1 % |
-14.46 % |
-14.43 % |
Midwest |
-24.06 % |
-8.78 % |
-15.98 % |
20.2 % |
26.88 % |
South |
-4.32 % |
-5.07 % |
14.66 % |
-6.35 % |
3.62 % |
West |
-12.17 % |
4.71 % |
8.08 % |
11.33 % |
6.76 % |
New Housing Units Started
(Seasonally adj. at Annual Rate, in % Y/Y) |
Jan. 2024 prel. |
Dec. 2023 prel. |
Nov. 2023 prel. |
Oct. 2023 prel. |
Sep. 2023 prel. |
Total |
0.76 % |
8.31 % |
6.87 % |
-3.72 % |
-5.63 % |
In structures Single-family units |
22.29 % |
16.57 % |
35.75 % |
13.45 % |
7.96 % |
In structures with 2 - 4 units |
30 % |
77.78 % |
-13.33 % |
42.86 % |
-29.41 % |
In structures with 5 units
or more |
-35.92 % |
-8.95 % |
-33.56 % |
-31.29 % |
-27.74 % |
Northeast |
-18.11 % |
-45.73 % |
56.63 % |
-26.04 % |
-43.54 % |
Midwest |
20.34 % |
47.24 % |
-4.65 % |
31.89 % |
11.54 % |
South |
-3.34 % |
10.69 % |
5.2 % |
-10.52 % |
4.61 % |
West |
11.78 % |
21.54 % |
5.87 % |
-0.6 % |
-19.35 % |
New Housing Units Authorized
(Not seasonally adjusted, units) |
Jan. 2024
prel. |
Dec. 2023
prel. |
Nov. 2023
prel. |
Oct. 2023
prel. |
Sep. 2023
prel. |
Total |
|
112,700 |
105,400 |
108,800 |
124,000 |
117,000 |
In structures Single-family units |
|
75,400 |
64,700 |
69,600 |
79,700 |
76,800 |
In structures with 2 - 4 units |
|
3,800 |
3,600 |
3,700 |
4,700 |
4,000 |
In structures with 5 units or more |
|
33,600 |
37,100 |
35,500 |
39,600 |
36,200 |
Northeast |
|
8,300 |
8,500 |
7,100 |
10,300 |
8,100 |
Midwest |
|
12,300 |
12,000 |
14,900 |
16,400 |
17,200 |
South |
|
66,900 |
59,200 |
56,200 |
69,600 |
64,200 |
West |
|
25,200 |
25,700 |
30,600 |
27,700 |
27,400 |
New Housing Units Authorized
(Not seasonally adjusted, in Y / Y) |
Jan. 2024 prel. |
Dec. 2023 prel. |
Nov. 2023 prel. |
Oct. 2023 prel. |
Sep. 2023 prel. |
Total |
6.93 % |
-3.13 % |
-12.26 % |
5.98 % |
-17.61 % |
In structures Single-family units |
16.54 % |
-7.04 % |
-12.67 % |
3.78 % |
-13.12 % |
In structures with 2 - 4 units |
5.56 % |
-2.7 % |
-21.28 % |
17.5 % |
-28.57 % |
In structures with 5 units
or more |
-9.43 % |
4.51 % |
-10.35 % |
9.39 % |
-24.58 % |
Northeast |
-2.35 % |
19.72 % |
-31.07 % |
27.16 % |
-25 % |
Midwest |
2.5 % |
-19.46 % |
-9.15 % |
-4.65 % |
-15.69 % |
South |
13.01 % |
5.34 % |
-19.25 % |
8.41 % |
-16.84 % |
West |
-1.95 % |
-16.01 % |
10.47 % |
1.09 % |
-18.45 % |
New Housing Units Authorized
(Not seasonally adjusted, in % Y/Y) |
Jan. 2024 prel. |
Dec. 2023 prel. |
Nov. 2023 prel. |
Oct. 2023 prel. |
Sep. 2023 prel. |
Total |
11.58 % |
4.36 % |
6.98 % |
1.39 % |
-9.72 % |
In structures Single-family units |
42 % |
21.85 % |
25.18 % |
21.31 % |
8.32 % |
In structures with 2 - 4 units |
0 % |
-5.26 % |
-7.5 % |
-2.08 % |
-4.76 % |
In structures with 5 units
or more |
-23.81 % |
-15.87 % |
-15.68 % |
-23.55 % |
-33.58 % |
Northeast |
10.67 % |
13.33 % |
-25.26 % |
14.44 % |
-18.18 % |
Midwest |
25.51 % |
22.45 % |
-3.87 % |
-18 % |
-14 % |
South |
7.56 % |
-4.82 % |
1.08 % |
1.9 % |
-7.36 % |
West |
17.21 % |
19.53 % |
44.34 % |
10.8 % |
-9.87 % |
New Housing Units Started
(Not seas. adj. at Annual Rate, units) |
Jan. 2024
prel. |
Dec. 2023
prel. |
Nov. 2023
prel. |
Oct. 2023
prel. |
Sep. 2023
prel. |
Total |
|
93,700 |
101,200 |
117,400 |
115,400 |
117,700 |
In structures Single-family units |
|
68,700 |
69,900 |
84,700 |
81,400 |
83,100 |
In structures with 2 - 4 units |
|
1,000 |
1,100 |
1,100 |
1,600 |
1,000 |
In structures with 5 units or more |
|
24,000 |
30,200 |
31,600 |
32,400 |
33,600 |
Northeast |
|
6,800 |
7,700 |
11,100 |
6,100 |
7,400 |
Midwest |
|
7,500 |
11,700 |
15,600 |
22,500 |
18,700 |
South |
|
56,400 |
55,800 |
62,600 |
59,300 |
65,900 |
West |
|
22,900 |
25,900 |
28,100 |
27,500 |
25,700 |
New Housing Units Started
(Not seas. adj. at Annual Rate, in Y / Y) |
Jan. 2024 prel. |
Dec. 2023 prel. |
Nov. 2023 prel. |
Oct. 2023 prel. |
Sep. 2023 prel. |
Total |
-7.41 % |
-13.8 % |
1.73 % |
-1.95 % |
3.06 % |
In structures Single-family units |
-1.72 % |
-17.47 % |
4.05 % |
-2.05 % |
-1.19 % |
In structures with 2 - 4 units |
-9.09 % |
0 % |
-31.25 % |
60 % |
25 % |
In structures with 5 units
or more |
-20.53 % |
-4.43 % |
-2.47 % |
-3.57 % |
14.68 % |
Northeast |
-11.69 % |
-30.63 % |
81.97 % |
-17.57 % |
-13.95 % |
Midwest |
-35.9 % |
-25 % |
-30.67 % |
20.32 % |
24.67 % |
South |
1.08 % |
-10.86 % |
5.56 % |
-10.02 % |
0.61 % |
West |
-11.58 % |
-7.83 % |
2.18 % |
7 % |
1.98 % |
New Housing Units Started
(Not seas. adj. at Annual Rate, in % Y/Y) |
Jan. 2024 prel. |
Dec. 2023 prel. |
Nov. 2023 prel. |
Oct. 2023 prel. |
Sep. 2023 prel. |
Total |
-3.2 % |
6.86 % |
5.67 % |
-4.31 % |
-5.39 % |
In structures Single-family units |
18.65 % |
14.4 % |
37.72 % |
14.17 % |
10.21 % |
In structures with 2 - 4 units |
25 % |
83.33 % |
-15.38 % |
45.45 % |
-37.5 % |
In structures with 5 units
or more |
-37.01 % |
-8.48 % |
-34.58 % |
-32.78 % |
-29.11 % |
Northeast |
-24.44 % |
-45.77 % |
63.24 % |
-26.51 % |
-44.36 % |
Midwest |
20.97 % |
50 % |
-7.69 % |
30.81 % |
12.65 % |
South |
-4.89 % |
8.98 % |
3.3 % |
-11.62 % |
5.44 % |
West |
3.15 % |
21.03 % |
4.85 % |
-1.79 % |
-19.44 % |
Source U.S. Department of Commerce
|
|
|
|