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Housing Starts U.S. Economic Indicators



U.S. housing starts grew in double digits in Feb. 2024 by 14.3 % on the seasonally adjusted basis to annual rate of 1,521,000 units, an increase of 190,000 units from 1,331,000 in January, reported by the U.S. Department of Housing and Urban Development. Construction of new homes in U.S. increased across many sectors including, multi-family housing units, northeast and midwest.

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. From Feb. 2023, housing starts jumped by 6.2 %, where construction in the Northeast grew the most, by 16.2 %.



Housing Starts

  M/M Y/Y
  Northeast 17.31% 16.19 %
  Midwest 42.25% 16.09 %
  South 17.26% 11.21 %
  West -5.42% -12.53%
  Single-family 12.45% 34.73 %
  2 - 4 units 15.38% 15.38 %
  5 or more units 20.06% -35.11%


Permits have rebounded from decline in previous period, permits jumped by 3.3 % or 48,000 units to an annual rate of 1,521,000 units, from 1,331,000 in January on the seasonally adjusted basis Most of growth took place in the Northeast and it was concentrated in multi-dwelling buildings such as apartments.

New permits went up 73.5 % to annual rate of 314,000 units in the Northeast while permits for multi-family units grew 7.0 % accounting for 25.77 % of total permits issued.

Permits give an indication of whether demand for new homes is growing or slowing.From Feb. 2023, monthly building permits deteriorated by -2.1 %




Permits By Region
  • In Northeast housing units were authorized at seasonally adjusted annual rate of 203,000 units, an increase of 86,000 units, or 73.50 % from 117,000 units Jan. 2024 and an increase of 76.52 % from 115,000 units Feb. 2023.


  • In Midwest housing units were authorized at seasonally adjusted annual rate of 216,000 units, an increase of 6,000 units, or 2.86 % from 210,000 units Jan. 2024 and an increase of 10.20 % from 196,000 units Feb. 2023.


  • In West housing units were authorized at seasonally adjusted annual rate of 316,000 units, an decrease of 27,000 units, or -7.87 % from 343,000 units Jan. 2024 and an decrease of -15.96 % from 376,000 units Feb. 2023.
  • In South housing units were authorized at seasonally adjusted annual rate of 783,000 units, an decrease of 17,000 units, or -2.13 % from 800,000 units Jan. 2024 and an decrease of -9.27 % from 863,000 units Feb. 2023.

New Housing Units Authorized
(Seasonally adj., at Annual Rate, units), units)
Feb. 2024

prel.
Jan. 2024

prel.
Dec. 2023

prel.
Nov. 2023

prel.
Oct. 2023

prel.
Total
1,518,000 1,470,000 1,495,000 1,467,000 1,487,000
In structures Single-family units
1,031,000 1,015,000 994,000 977,000 968,000
In structures with 2 - 4 units
58,000 50,000 52,000 47,000 50,000
In structures with 5 units or more
429,000 405,000 449,000 443,000 469,000
Northeast
203,000 117,000 101,000 84,000 126,000
Midwest
216,000 210,000 199,000 190,000 169,000
South
783,000 800,000 860,000 793,000 843,000
West
316,000 343,000 335,000 400,000 349,000



New Housing Units Authorized
(Seasonally adj., at Annual Rate, units), in M / M)
Feb. 2024
prel.
Jan. 2024
prel.
Dec. 2023
prel.
Nov. 2023
prel.
Oct. 2023
prel.
Total 3.27 % -1.67 % 1.91 % -1.34 % 0.95 %
In structures Single-family units 1.58 % 2.11 % 1.74 % 0.93 % 0.31 %
In structures with 2 - 4 units 16 % -3.85 % 10.64 % -6 % 2.04 %
In structures with 5 units or more 5.93 % -9.8 % 1.35 % -5.54 % 2.18 %
Northeast 73.5 % 15.84 % 20.24 % -33.33 % 18.87 %
Midwest 2.86 % 5.53 % 4.74 % 12.43 % -10.58 %
South -2.13 % -6.98 % 8.45 % -5.93 % 2.8 %
West -7.87 % 2.39 % -16.25 % 14.61 % -2.51 %



New Housing Units Authorized
(Seasonally adj., at Annual Rate, units), in % Y/Y)
Feb. 2024
prel.
Jan. 2024
prel.
Dec. 2023
prel.
Nov. 2023
prel.
Oct. 2023
prel.
Total -2.06 % 9.78 % 11.82 % 9.31 % -2.56 %
In structures Single-family units 31.17 % 40.58 % 35.98 % 25.1 % 15.38 %
In structures with 2 - 4 units 23.4 % -7.41 % 13.04 % -9.62 % -7.41 %
In structures with 5 units or more -40.17 % -28.06 % -19.82 % -12.97 % -25.91 %
Northeast 76.52 % 10.38 % -12.17 % -26.32 % 5 %
Midwest 10.2 % 17.98 % 13.71 % -3.55 % -19.14 %
South -9.27 % 4.99 % 16.22 % 5.03 % -2.77 %
West -15.96 % 17.06 % 9.12 % 44.93 % 5.76 %



New Housing Units Started
(Seasonally adj., at Annual Rate, units)
Feb. 2024

prel.
Jan. 2024

prel.
Dec. 2023

prel.
Nov. 2023

prel.
Oct. 2023

prel.
Total
1,521,000 1,331,000 1,460,000 1,525,000 1,372,000
In structures Single-family units
1,129,000 1,004,000 1,027,000 1,124,000 970,000
In structures with 2 - 4 units
15,000 13,000 16,000 13,000 20,000
In structures with 5 units or more
377,000 314,000 417,000 388,000 382,000
Northeast
122,000 104,000 108,000 130,000 71,000
Midwest
202,000 142,000 187,000 205,000 244,000
South
883,000 753,000 787,000 829,000 723,000
West
314,000 332,000 378,000 361,000 334,000



New Housing Units Started
(Seasonally adj. at Annual Rate, units), in Y / Y)
Feb. 2024
prel.
Jan. 2024
prel.
Dec. 2023
prel.
Nov. 2023
prel.
Oct. 2023
prel.
Total 14.27 % -8.84 % -4.26 % 11.15 % 1.03 %
In structures Single-family units 12.45 % -2.24 % -8.63 % 15.88 % 0.73 %
In structures with 2 - 4 units 15.38 % -18.75 % 23.08 % -35 % 66.67 %
In structures with 5 units or more 20.06 % -24.7 % 7.47 % 1.57 % -0.26 %
Northeast 17.31 % -3.7 % -16.92 % 83.1 % -14.46 %
Midwest 42.25 % -24.06 % -8.78 % -15.98 % 20.2 %
South 17.26 % -4.32 % -5.07 % 14.66 % -6.35 %
West -5.42 % -12.17 % 4.71 % 8.08 % 11.33 %



New Housing Units Started
(Seasonally adj. at Annual Rate, in % Y/Y)
Feb. 2024
prel.
Jan. 2024
prel.
Dec. 2023
prel.
Nov. 2023
prel.
Oct. 2023
prel.
Total 6.22 % 0.76 % 8.31 % 6.87 % -3.72 %
In structures Single-family units 34.73 % 22.29 % 16.57 % 35.75 % 13.45 %
In structures with 2 - 4 units 15.38 % 30 % 77.78 % -13.33 % 42.86 %
In structures with 5 units or more -35.11 % -35.92 % -8.95 % -33.56 % -31.29 %
Northeast 16.19 % -18.11 % -45.73 % 56.63 % -26.04 %
Midwest 16.09 % 20.34 % 47.24 % -4.65 % 31.89 %
South 11.21 % -3.34 % 10.69 % 5.2 % -10.52 %
West -12.53 % 11.78 % 21.54 % 5.87 % -0.6 %



New Housing Units Authorized
(Not seasonally adjusted, units)
Feb. 2024

prel.
Jan. 2024

prel.
Dec. 2023

prel.
Nov. 2023

prel.
Oct. 2023

prel.
Total
118,300 112,700 105,400 108,800 124,000
In structures Single-family units
79,300 75,400 64,700 69,600 79,700
In structures with 2 - 4 units
4,100 3,800 3,600 3,700 4,700
In structures with 5 units or more
34,800 33,600 37,100 35,500 39,600
Northeast
14,400 8,300 8,500 7,100 10,300
Midwest
13,300 12,300 12,000 14,900 16,400
South
65,000 66,900 59,200 56,200 69,600
West
25,600 25,200 25,700 30,600 27,700



New Housing Units Authorized
(Not seasonally adjusted, in Y / Y)
Feb. 2024
prel.
Jan. 2024
prel.
Dec. 2023
prel.
Nov. 2023
prel.
Oct. 2023
prel.
Total 4.97 % 6.93 % -3.13 % -12.26 % 5.98 %
In structures Single-family units 5.17 % 16.54 % -7.04 % -12.67 % 3.78 %
In structures with 2 - 4 units 7.89 % 5.56 % -2.7 % -21.28 % 17.5 %
In structures with 5 units or more 3.57 % -9.43 % 4.51 % -10.35 % 9.39 %
Northeast 73.49 % -2.35 % 19.72 % -31.07 % 27.16 %
Midwest 8.13 % 2.5 % -19.46 % -9.15 % -4.65 %
South -2.84 % 13.01 % 5.34 % -19.25 % 8.41 %
West 1.59 % -1.95 % -16.01 % 10.47 % 1.09 %


New Housing Units Authorized
(Not seasonally adjusted, in % Y/Y)
Feb. 2024
prel.
Jan. 2024
prel.
Dec. 2023
prel.
Nov. 2023
prel.
Oct. 2023
prel.
Total 6.67 % 11.58 % 4.36 % 6.98 % 1.39 %
In structures Single-family units 35.09 % 42 % 21.85 % 25.18 % 21.31 %
In structures with 2 - 4 units 28.13 % 0 % -5.26 % -7.5 % -2.08 %
In structures with 5 units or more -28.98 % -23.81 % -15.87 % -15.68 % -23.55 %
Northeast 97.26 % 10.67 % 13.33 % -25.26 % 14.44 %
Midwest 25.47 % 25.51 % 22.45 % -3.87 % -18 %
South -0.76 % 7.56 % -4.82 % 1.08 % 1.9 %
West -6.57 % 17.21 % 19.53 % 44.34 % 10.8 %







New Housing Units Started
(Not seas. adj. at Annual Rate, units)
Feb. 2024

prel.
Jan. 2024

prel.
Dec. 2023

prel.
Nov. 2023

prel.
Oct. 2023

prel.
Total
108,100 93,700 101,200 117,400 115,400
In structures Single-family units
79,200 68,700 69,900 84,700 81,400
In structures with 2 - 4 units
1,100 1,000 1,100 1,100 1,600
In structures with 5 units or more
27,800 24,000 30,200 31,600 32,400
Northeast
7,300 6,800 7,700 11,100 6,100
Midwest
10,900 7,500 11,700 15,600 22,500
South
67,000 56,400 55,800 62,600 59,300
West
22,900 22,900 25,900 28,100 27,500






New Housing Units Started
(Not seas. adj. at Annual Rate, in Y / Y)
Feb. 2024
prel.
Jan. 2024
prel.
Dec. 2023
prel.
Nov. 2023
prel.
Oct. 2023
prel.
Total 15.37 % -7.41 % -13.8 % 1.73 % -1.95 %
In structures Single-family units 15.28 % -1.72 % -17.47 % 4.05 % -2.05 %
In structures with 2 - 4 units 10 % -9.09 % 0 % -31.25 % 60 %
In structures with 5 units or more 15.83 % -20.53 % -4.43 % -2.47 % -3.57 %
Northeast 7.35 % -11.69 % -30.63 % 81.97 % -17.57 %
Midwest 45.33 % -35.9 % -25 % -30.67 % 20.32 %
South 18.79 % 1.08 % -10.86 % 5.56 % -10.02 %
West 0 % -11.58 % -7.83 % 2.18 % 7 %







New Housing Units Started
(Not seas. adj. at Annual Rate, in % Y/Y)
Feb. 2024
prel.
Jan. 2024
prel.
Dec. 2023
prel.
Nov. 2023
prel.
Oct. 2023
prel.
Total 4.24 % -3.2 % 6.86 % 5.67 % -4.31 %
In structures Single-family units 33.56 % 18.65 % 14.4 % 37.72 % 14.17 %
In structures with 2 - 4 units 22.22 % 25 % 83.33 % -15.38 % 45.45 %
In structures with 5 units or more -36.09 % -37.01 % -8.48 % -34.58 % -32.78 %
Northeast 15.87 % -24.44 % -45.77 % 63.24 % -26.51 %
Midwest 3.81 % 20.97 % 50 % -7.69 % 30.81 %
South 11.3 % -4.89 % 8.98 % 3.3 % -11.62 %
West -14.55 % 3.15 % 21.03 % 4.85 % -1.79 %

Source U.S. Department of Commerce



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