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Wednesday, February 18, 2015

Housing Starts Dip in January

Housing starts in January edged down to a seasonally adjusted annual rate of 1.065 million, 2.0% below the revised December estimate of 1.087 million, but 18.7% above the January 2014 rate of 897,000. Single-family housing starts grew at a rate of 678,000, 6.7% below the revised December figure of 727,000. The growth rate for multifamily units was 381,000, 12.1% above the revised December estimate of 340,000.



The rate of housing starts decelerated in three of the four regions. Housing starts in the Midwest decreased 22.2% to 140,000 total units, the largest decline of the four regions, followed by a 3.5% decrease to 111,000 units in the Northeast and a 3.4% decrease to 286,000 units in the West. The South, the only region to experience an acceleration in housing starts, increased 6.5% to 528,000 units.



Building permits were at a seasonally adjusted annual rate of 1.053 units, 0.7% below the revised December rate of 1.060, yet 8.1% above the year-ago estimate of 974,000. Building permits for single-family units were at a rate of 654,000, 3.1% below the December figure of 675,000. Building permits for multifamily units were 372,000, 3.3% above December’s revised rate of 360,000.

Housing completions in January were at a seasonally adjusted annual rate of 930,000, 1.3% above the revised December estimate of 918,000 and 9.4% above the year-ago rate of 850,000. Single-family housing completions were at a rate of 649,000, 2.3% below the revised December rate of 664,000. The January rate for multifamily units was 274,000, 10.5% higher than December’s revised rate of 248,000.

Read the Census release.

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