Housing Starts Decline in January

Housing starts decreased to a seasonally adjusted annual rate of 1.567 million in January, according to the U.S. Census Bureau. The decrease was 3.6% below the revised December estimate of 1.626 million but was 21.4% higher than the January 2019 rate of 1.291 million. Single-family home starts decreased 5.9% from last month.

Housing starts increased in the Northeast and West and declined in the Midwest and South. Northeast and West activity rose 31.9% and 1.2%, respectively. Activity in the Midwest and South decreased by 25.9% and 5.4%, respectively.

New building permits increased to 1.551 million in January, rising 9.2% over the month and 17.9% year-over-year. Single-family building permits increased 6.4%, from the revised December figure.

Housing completions were at a seasonally adjusted annual rate of 1.280 million, down 3.3% from the revised December estimate but 1.5% above the January 2019 rate.

Read the Census release.

Share.

About Author

Tyler Mondres

Tyler Mondres is senior manager for research at ABA and a frequent contributor on economic and fintech topics to the ABA Banking Journal.