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Wednesday, January 21, 2015

Housing Starts Accelerate in December

Housing starts in December rose to a seasonally adjusted annual rate of 1.089 million, 4.4% above the revised November estimate of 1.043 million and 5.3% above the December 2013 rate of 1.034. Single-family housing starts grew at a rate of 728,000, 7.2% above the revised November figure of 679,000. The rate of growth for multifamily units was 339,000, 4.2% below the revised November estimate of 354,000.



The rate of housing starts accelerated in three of the four regions. Housing starts in the Northeast increased 12.5% to 126,000 total units, the largest of the four regions, followed by an 8.8% increase to 508,000 units in the South and a 5.8% increase to 292,000 units in the West. The Midwest, the only region to experience a deceleration in housing starts, decreased 13.3% to 163,000 units.



Building permits were at a seasonally adjusted annual rate of 1.032 units, which is 1.9% below the revised November rate of 1.052, yet 1.1% above the year-ago estimate of 1.022. Building permits for single-family units were at a rate of 667,000, 4.5% above the November figure of 638,000. Building permits for multifamily units were 338,000, 12.4% below November’s revised rate of 386,000.

Housing completions in December were at a seasonally adjusted annual rate of 927,000, 6.3% above the revised November estimate of 872,000 and 19.6% above the year-ago rate of 775,000. Single-family housing completions were at a rate of 667,000, 9.5% above the revised November rate of 609,000. The December rate for multifamily units was 254,000, 2.0% higher than November.

Read the Census release.

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