Privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,638,000. This is 4.1 percent below the revised December estimate of 1,708,000, but is 0.8 percent above the January 2021 rate of 1,625,000. Single‐family housing starts in January were at a rate of 1,116,000; this is 5.6 percent below the revised December figure of 1,182,000. The January rate for units in buildings with five units or more was 510,000.
Privately‐owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,899,000. This is 0.7 percent above the revised December rate of 1,885,000 and is 0.8 percent above the January 2021 rate of 1,883,000. Single‐family authorizations in January were at a rate of 1,205,000; this is 6.8 percent above the revised December figure of 1,128,000. Authorizations of units in buildings with five units or more were at a rate of 629,000 in January.
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 up 8.3% year-over-year in January.
Single-family starts (red) decreased in January and were down 2.4% year-over-year.
This shows the huge collapse following the housing bubble, and then the eventual recovery (but still not historically high).
Total housing starts in January were below expectations, however, starts in November and December were revised up, combined.
I’ll have more later …