U.S. Building Permits Creep Higher, While Housing Starts and Completions Decline in January 2022

The U.S. Census Bureau reported on Thursday (2-17-22) that privately‐owned housing starts in January were at a seasonally adjusted annual rate (SAAR) of 1,638,000. This is -4.1% below the revised December estimate of 1,708,000 but is 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; this is -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.

Building permits are the forward-looking portion of the report. In January, privately-owned housing units authorized by building permits were at a SAAR of 1,899,000. This is 0.7% above the revised December rate of 1,885,000 and is 0.8% above the January 2021 rate of 1,883,000. Single-family authorizations in January were at a rate of 1,205,000; this is 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.

Privately‐owned housing completions in January were at a seasonally adjusted annual rate of 1,246,000. This is -5.2% below the revised December estimate of 1,315,000 and is -6.2% below the January 2021 rate of 1,328,000. Single‐family housing completions in January were at a rate of 927,000; this is -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.