The U.S. Census Bureau and the Department of Housing and Urban Development have recently announced new residential construction statistics for January 2014. According to the data, building permits for privately-owned housing units in January were at a seasonally adjusted annual rate of 937,000, down 5.4 percent from the revised December rate of 991,000. The decline in housing starts can be attributed to the severe weather experienced in January across much of the country. However, the rate is up 2.4 percent from the January 2013 rate of 915,000. Building permits for single-family housing in January were estimated at 602,000, down 1.3 percent from the revised December rate of 610,000. Building permits for units in buildings with five units or more in January were at a rate of 309,000.
In January, privately-owned housing starts were at an adjusted rate of 880,000, down 16.0 percent from December’s revised estimate of 1,048,000 and down 2.0 percent from the January 2013 rate of 898,000. Single-family housing starts were at a rate of 573,000 in January, down 15.9 percent from the revised December rate of 681,000. For units in buildings with five units or more, the January rate was 300,000.
As for housing completions, the January rate for privately-owned housing was at a seasonally adjusted annual estimate of 814,000, rising 4.6 percent from December’s revised rate of 778,000, and up 13.1 percent from the January 2013 estimate of 720,000. Single-family housing completions were at a rate of 580,000 for January, putting it 3.0 percent above December’s revised rate of 563,000. The housing completion rate for units in buildings with five units or more was at 220,000 in January.
For more information, click here to read the full U.S. Census Bureau/U.S. Department of Housing & Urban Development Press Release.