December U.S. Housing Starts Jump 16%, but Still Trail YoY - Modern Distribution Management

December U.S. Housing Starts Jump 16%, but Still Trail YoY

The report shows a decline in building permits and housing completions compared to December 2023.
March New Residential Construction Rises

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.

In the Store: MDM’s 2024 Annual Economic Outlook Report (free for Premium) 

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.

New Residential Construction

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