The U.S. Census Bureau released its Monthly New Residential Construction report for December 2024 on Jan. 17, showing a drastic increase in housing starts month-to-month, but down compared to December 2023’s rate.
Building Permits
Privately-owned housing units authorized by building permits in December were at a seasonally-adjusted rate of 1.48 million, down 3.1% year-over-year from the December 2023 rate of 1.53 million and 0.7% below the revised rate of 1.48 million in November, Single family authorizations were at a rate of 992,000, up 1.6% from the revised November figure of 976,000.
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Housing Starts
Privately-owned housing starts in December were at a seasonally-adjusted rate of 1.49 million, down 4.4% year-over-year and up 15.8% from the revised November estimate of 1.29 million. Single-family housing starts were at a rate of 1.05 million, 3.3% above the revised November figure of 1.01 million.
U.S. Housing Starts – Month-to-Month % Change
(click image for higher resolution)
Source: Trading Economics, via U.S. Census Bureau
Housing Completions
In December, privately-owned housing completions were at a seasonally-adjusted annual rate of 1.54 million, 4.8% below the revised November estimate of 1.62 million and 0.8% below the December 2023 rate of 1.55 million. While single-family housing completions were at a rate of 0.948 million, 7.4% below the revised November rate of 1.02 million.
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