Housing starts decreased in December

Housing starts decreased to a seasonally adjusted annual rate of 1.46 million in December, according to the U.S. Department of Commerce, 4.3% below the revised November estimate of 1.525 million, but is 7.6% above the December 2022 rate of 1.357 million. Single-family housing fell 8.6% while multifamily housing rose 7.5%, relative to the November figure.

An estimated 1.413 million housing units were started in 2023, 9.0% below the 2022 figure of 1.553 million.

New building permits increased 1.9% during the month to a seasonally adjusted annual rate of 1.495 million and is 6.1% above the December 2022 rate of 1.409 million. Both single-family and multifamily housing increased 1.7% and 2.2%, respectively, compared to the November figure.

Housing completions in December were at a seasonally adjusted annual rate of 1.574 million, 8.7% above the revised November estimate of 1.448 million and 13.2% above the December 2022 rate of 1.39 million.

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