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February 16, 2024US HOUSING STARTS AND BUILDING PERMITS, JANUARY 2024 Month over month (January 2024 vs December 2023, seasonally adjusted annualized rates)
US housing starts decreased 14.8% to a seasonally adjusted annualized rate of 1,331,000 units. There were decreases in single unit starts (-4.7%), buildings with 2-4 unit starts (-31.6%) as well as multi-unit starts (-35.8%). The number of residential building permits decreased 1.5% to a seasonally adjusted annualized rate of 1,470,000 units. Permits were up for single units (+1.6%), up for structures with 2-4 units (+2.0%), and down for multi-unit structures with more than 5 units (-9.0%).
Year over year (January 2024 vs January 2023, seasonally adjusted annualized rates)
Compared to January 2023, US housing for starts were down 0.7%, with increases in single unit starts (+22.0%), starts for building with 2-4 units (+18.2%), and a decline in multi-unit starts (-37.9%). Residential building permits were up 8.6%, with increases in single units (+35.7%), decreases in structures with 2-4 units (-7.4%) and declines in structures with 5 or more units (-26.6%).
Source: US Census Bureau New Residential Construction, retrieved from Federal Reserve Bank of St. Louis using a FRED API.
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