by Calculated Risk on 2/16/2018 08:39:00 AM
Friday, February 16, 2018
From the Census Bureau: Permits, Starts and Completions
Housing Starts:Click on graph for larger image.
Privately-owned housing starts in January were at a seasonally adjusted annual rate of 1,326,000. This is 9.7 percent above the revised December estimate of 1,209,000 and is 7.3 percent above the January 2017 rate of 1,236,000. Single-family housing starts in January were at a rate of 877,000; this is 3.7 percent above the revised December figure of 846,000. The January rate for units in buildings with five units or more was 431,000.
Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,396,000. This is 7.4 percent above the revised December rate of 1,300,000 and is 7.4 percent above the January 2017 rate of 1,300,000. Single-family authorizations in January were at a rate of 866,000; this is 1.7 percent below the revised December figure of 881,000. Authorizations of units in buildings with five units or more were at a rate of 479,000 in January.
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (red, 2+ units) increased sharply in January compared to December. Multi-family starts were up 6.7% year-over-year in January.
Multi-family is volatile month-to-month, but has been mostly moving sideways the last few years.
Single-family starts (blue) increased in January, and are still up 7.6% year-over-year.
The second graph shows total and single unit starts since 1968.
The second graph shows the huge collapse following the housing bubble, and then - after moving sideways for a couple of years - housing is now recovering (but still historically fairly low).
Total housing starts in January were above expectations, mostly due to a sharp increase in multi-family starts. However starts for November were revised down, and December revised up slightly.
I'll have more later ...
Posted by Calculated Risk on 2/16/2018 08:39:00 AM