Housing starts decreased to a seasonally adjusted annual rate of 1.331 million in January, according to the U.S. Department of Commerce, 14.8% below the revised December estimate of 1.562 million and is 0.7% below the January 2023 rate of 1.34 million. Single-family housing starts fell 4.7% and multifamily housing starts declined 35.8%, relative to the December figure.
New building permits decreased 1.5% during the month to a seasonally adjusted annual rate of 1.47 million but is 8.6% above the January 2023 rate of 1.354 million. Single-family housing increased 1.6% while multifamily housing fell 7.9%, compared to the December figure.
Housing completions in January were at a seasonally adjusted annual rate of 1.416 million, 8.1% below the revised December estimate of 1.541 million but 2.8% above the January 2023 rate of 1.377 million.
Read the Census release.