US Housing Starts Rise in December, While Permits and Completions Decline

On Friday, the US Census Bureau reported that privately‐owned housing starts in December were at a seasonally adjusted annual rate (SAAR) of 1,499,000. This is 15.8% above the revised November estimate of 1,294,000 but 4.4% below the December 2023 rate of 1,568,000. Single-family housing starts were at a rate of 1,050,000; this is 3.3% above the revised November figure of 1,016,000. The rate for units in buildings with five units or more was 418,000.

An estimated 1,364,100 housing units were started in 2024. This is 3.9% below the 2023 figure of 1,420,000.

Building permits are the forward-looking portion of the report, and in December privately-owned housing units authorized by building permits were at a seasonally adjusted annual rate of 1,483,000. This is 0.7% below the revised November rate of 1,493,000 and 3.1% below the December 2023 rate of 1,530,000. Single-family authorizations were at a rate of 992,000; this is 1.6% above the revised November figure of 976,000. The rate for units in buildings with five units or more was 437,000.

An estimated 1,471,200 housing units were authorized by building permits in 2024. This is 2.6% below the 2023 figure of 1,511,100.

Privately‐owned housing completions in December were at a seasonally adjusted annual rate of 1,544,000. This is 4.8% below the revised November estimate of 1,621,000 and 0.8% below the December 2023 rate of 1,557,000. Single-family housing completions were at a rate of 948,000; this is 7.4% below the revised November rate of 1,024,000. The rate for units in buildings with five units or more was 570,000.

An estimated 1,627,900 housing units were completed in 2024. This is 12.4% above the 2023 figure of 1,448,800.