New Residential Construction Up in January

Privately‐owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of nearly 1.9 million.
Amid higher construction costs and rising interest rates, single-family housing starts have fallen to a two-year low, according to the National Association of Home Builders.

Privately‐owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,899,000, 0.75 above the revised December rate of 1,885,000 and 0.8% above the January 2021 rate of 1,883,000, according to the U.S. Census Bureau.

Single‐family authorizations in January were at a rate of 1,205,000, 6.8% 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.

Privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,638,000, 4.1% below the revised December estimate of 1,708,000 but 0.8% above the January 2021 rate of 1,625,000.

Single‐family housing starts in January were at a rate of 1,116,000, 5.6% 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 completions in January were at a seasonally adjusted annual rate of 1,246,000, 5.2% below the revised December estimate of 1,315,000 and 6.2% below the January 2021 rate of 1,328,000.

Single‐family housing completions in January were at a rate of 927,000, 7.3% below the revised December rate of 1,000,000. The January rate for units in buildings with five units or more was 309,000.

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