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January 20, 2022US HOUSING STARTS AND BUILDING PERMITS, DECEMBER AND ANNUAL 2021 With December reference month results, annual comparisons (2021 vs 2020) are in part showing the rebounds in economic activity from the unprecedented declines observed at the start of the COVID-19 pandemic.
Monthly (December 2021 vs November 2021, seasonally adjusted annualized rates)
According to the US Census Bureau and the US Department of Housing and Urban Development, residential building permits increased 9.1% to a seasonally adjusted rate of 1,873,000 permits in December 2021. Permits for single unit structures were up 2.0% while those for structures with 2 to 4 units were up 45.8%. Permits for structures with 5 units or more were up 19.9%.
Compared to November 2021, US housing starts rose 1.4% to a seasonally adjusted rate of 1,702,000. Single dwelling unit starts were down 2.3% while starts for structures with 5 or more units were up 13.7%
Year-over-year (December 2021 vs December 2020, seasonally adjusted annualized rates)
Compared to December 2020, residential building permits increased by 6.5%. Permits for single unit structures fell 8.5%. Permits for structures with 2 to 4 units increased 42.9%. Permits for structures with 5 units or more increased 41.8%.
Compared to the same month in 2020, US housing starts increased 2.5% in December 2021. Starts for single unit structures decreased 10.9%, while starts for structures with 5 or more units increased 56.0%.
Annual (2021 vs 2020)
In 2021 US residential permits were up 17.2% to 1,724,700 units, with increases for single unit structures (+13.4%), those with 2 to 4 units (+10.4%) and structures with 5 or more units (+26.4%) when compared to 2020.
Annual US housing starts were up 15.6% in 2021. Starts for single unit structures increased 13.4%. Starts for structures with 2 to 4 units fell 2.4% while starts for structures with 5 or more units increased 22.1%.
Source: US Census Bureau New Residential Construction
US Census Bureau - retrieved from FRED, Federal Reserve Bank of St. Louis. Monthly data
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