by Calculated Risk on 2/18/2009 08:32:00 AM

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Total housing starts were at 464 thousand (SAAR) in January, by far the lowest level since the Census Bureau began tracking housing starts in 1959.

Single-family starts were at 347 thousand in January; also the lowest level ever recorded (since 1959).

Single-family permits were at 335 thousand in January, suggesting single family starts may fall further next month - although total permits were greater than starts, suggesting total starts might increase next month.

Here is the Census Bureau report on housing Permits, Starts and Completions.

Building permits decreased:

Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 521,000. This is 4.8 percent (±3.5%) below the revised December rate of 547,000 and is 50.5 percent (±2.2%) below the revised January 2008 estimate of 1,052,000.

Single-family authorizations in January were at a rate of 335,000; this is 8.0 percent (±1.8%) below the December figure of 364,000.

On housing starts:

Privately-owned housing starts in January were at a seasonally adjusted annual rate of 466,000. This is 16.8 percent (±11.0%) below the revised December estimate of 560,000 and is 56.2 percent (±4.4%) below the revised January2008 rate of 1,064,000.

Single-family housing starts in January were at a rate of 347,000; this is 12.2 percent (±13.0%)* below the December figure of 395,000.

And on completions:

Privately-owned housing completions in January were at a seasonally adjusted annual rate of 776,000. This is 24.2 percent (±5.9%) below the revised December estimate of 1,024,000 and is 41.7 percent (±6.9%) below the revised January 2008 rate of 1,331,000.

Single-family housing completions in January were at a rate of 566,000; this is 17.5 percent (±7.2%) below the December figure of 686,000.

Note that single-family completions are still significantly higher than single-family starts. This is important because residential construction employment tends to follow completions, and completions will probably decline further.

Another extremely weak report ...