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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.



Housing Starts

  M/M Y/Y
  Northeast -3.70% -18.11%
  Midwest -24.06% 20.34 %
  South -4.32% -3.34%
  West -12.17% 11.78 %
  Single-family -2.24% 22.29 %
  2 - 4 units -18.75% 30.00 %
  5 or more units -24.70% -35.92%


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



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