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January 23, 2025US HOUSING STARTS AND BUILDING PERMITS, DECEMBER AND ANNUAL 2024 Month over month (December 2024 vs November 2024, seasonally adjusted annualized rates)
Compared to the previous month, US housing starts were up 15.8% to a seasonally adjusted annualized rate of 1,499,000 units. There was a large increase in multi-unit dwelling starts (+61.5%), and a smaller increase in single unit starts (+3.3%).
The number of residential building permits decreased 0.7% to a seasonally adjusted annualized rate of 1,483,000 units. Permits increased for single units (+1.6%), while multiple unit permits fell 5.0% .
Year over year (December 2024 vs December 2023, seasonally adjusted annualized rates)
Compared to the same month last year, US housing starts were down 4.4%, with declines in both single unit starts (-2.6%) and multi-unit starts (-8.4%).
Residential building permits were down 3.1% year-over-year, with decreases in single units (-2.5%) as well as multi-unit structures (-4.3%).
Annual (2024 vs 2023)
US housing for starts were down 3.9% to 1,364,100 units in 2024, as increases in single unit starts (+6.5% to 1,009,400 units), were more than offset by declines in multi-unit starts (-24.9% to 354,800 units).
Residential building permits were down 2.6% to 1,471,200 units in 2024. Increases in single units (+6.6% to 980,900 units), were outweighed by decreases for multi-unit structures (-17.1% to 490,200 units).
Note: multi-unit refers to structures with 2-4 units as well as structures were more than 5 units.
Source: US Census Bureau New Residential Construction
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