US Housing Starts, Permits, and Completions All Rise in December

On Wednesday, the US Census Bureau reported that privately owned housing starts were at a seasonally adjusted annual rate (SAAR) of 1,404,000 in December 2025, a 6.2% increase from November’s revised 1,322,000 but 7.3% below the December 2024 level of 1,514,000. Single-family starts were at a rate of 981,000, a 4.1% increase from November’s revised 942,000. The rate for units in buildings with five units or more was 402,000.

An estimated 1,358,700 housing units were started in 2025, 0.6% below 1,367,100 units in 2024.

Building permits, a forward-looking measure, were at a rate of 1,488,000 in December, 4.3% above November’s revised 1,388,000 but 2.2% below the December 2024 level of 1,480,000. Single-family authorizations were at a rate of 881,000, a 1.7% decline from November’s revised 896,000. Authorizations of units in buildings with five units or more were at a rate of 515,000.

An estimated 1,425,200 housing units were authorized by building permits in 2025, down 3.6% from 1,478,000 units in 2024.

Housing completions were at a rate of 1,525,000 in December, 2.3% above November’s revised 1,490,000 but 0.1% below the December 2024 level of 1,527,000. Single-family completions were at a rate of 1,023,000, a 0.1% decline from November’s revised 1,024,000. The rate for units in buildings with five units or more was 483,000.

An estimated 1,497,800 housing units were completed in 2025, 7.9% below 1,626,900 units in 2024.