New Residential Construction Statistics for December 2014

January 21, 2015

Construction Law


The U.S. Census Bureau and the Department of Housing and Urban Development have recently announced new residential construction statistics for December 2014.  According to the data, building permits for privately-owned housing units in December were at a seasonally adjusted annual rate of 1,032,000, down 1.9 percent from the revised November rate of 1,052,000, but up 1.0 percent from the December 2013 rate.  Building permits for single-family housing in December were estimated at 667,000, up 4.5 percent from the revised November rate of 638,000.  Building permits for units in buildings with five units or more in December were at a rate of 338,000.  The total estimate for housing units authorized by building permits was 1,032,900 for the year 2014, which is a 4.2 percent increase from the 2013 estimate.

Privately-owned housing starts were at an adjusted rate of 1,089,000 in December, up 4.4 percent from the previous month’s revised estimate of 1,043,000 and up 5.3 percent from the December 2013 rate of 1,034,000.  Single-family housing starts were at a rate of 728,000 in December, up 7.2 percent from the revised November rate of 679,000.  Starts for units in buildings with five units or more had a December rate of 339,000.  The estimate for housing units started was 1,005,800 in 2014, an 8.8 percent increase from the 2013 estimate of 924,900.

In regards to housing completions, the December rate for privately-owned housing was at a seasonally adjusted annual estimate of 927,000, an increase of 6.3 percent from the revised November rate of 872,000 and up a significant 19.6 percent from the December 2013 estimate of 775,000. Single-family housing completions were at a rate of 667,000 for December, putting it 9.5 percent above the revised November rate of 609,000. The housing completion rate for units in buildings with five units or more was at 254,000 in December.  The total estimate for housing units completed in 2014 was 883,000.  This estimate is a 15.5 percent increase from the 2013 estimate of 764,400.

For more information, click here to read the full U.S. Census Bureau/U.S. Department of Housing & Urban Development Press Release for December 2014.