The 2020 Mid-Year Economic Update_long

Residential Building Permits Up 17.3% in December

Housing starts also up — in the low double digits — compared to year-ago period and the previous month, according to the latest residential construction report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
building permits December 2020

Privately owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,709,000, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. This is 17.3% above the December 2019 rate of 1,457,000 and 4.5% above the revised November rate of 1,635,000.

Single-family authorizations in December were at a rate of 1,226,000; this is 7.8% above the revised November figure of 1,137,000. Authorizations of units in buildings with five units or more were at a rate of 437,000 in December.

An estimated 1,452,000 housing units were authorized by building permits in 2020, a 4.8% increase from the 2019 figure of 1,386,000.

Privately owned housing starts in December were at a seasonally adjusted annual rate of 1,669,000. This is 5.2% above the December 2019 rate of 1,587,000 and 5.8% above the revised November estimate of 1,578,000. Single-family housing starts in December were at a rate of 1,338,000; this is 12.0% above the revised November figure of 1,195,000. The December rate for units in buildings with five units or more was 312,000. An estimated 1,380,300 housing units were started in 2020. This is 7% above the 2019 figure of 1,290,000.

Privately owned housing completions in December were at a seasonally adjusted annual rate of 1,417,000. This is 8% above the December 2019 rate of 1,312,000 and 15.9% above the revised November estimate of 1,223,000. Single-family housing completions in December were at a rate of 984,000; this is 10.2% above the revised November rate of 893,000. The December rate for units in buildings with five units or more was 422,000. An estimated 1,290,600 housing units were completed in 2020. This is 2.8% above the 2019 figure of 1,255,100.

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