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December 19, 2023US HOUSING STARTS AND BUILDING PERMITS, NOVEMBER 2023 Month over month (November 2023 vs Octrober 2023, seasonally adjusted annualized rates)
US housing starts increased 14.8% to a seasonally adjusted annualized rate of 1,560,000 units. There was increase in single unit starts (+18.0%) and an increase in multi-unit starts (+8.9%). The number of residential building permits decreased 2.5% to a seasonally adjusted annualized rate of 1,460,000 units. Permits were up for single units (+0.7%), up for structures with 2-4 units (+2.1%), and down for multi-unit structures with more than 5 units (-9.6%).
Year over year (November 2023 vs November 2022, seasonally adjusted annualized rates)
Compared to November 2022, US housing for starts were up 9.3%, with increases in single unit starts (+42.2%) and a decline in multi-unit starts (-33.7%). Residential building permits were up 4.1%, with increases in single units (+22.8%), declines in structures with 2-4 units (-9.3%) and declines in structures with 5 or more units (-21.3%).
Year to date (January-November 2023 vs January-November 2022)
Year-to-date housing starts have averaged 10.0% lower in the first ten months of 2023 than in the same period of 2022. Starts for single units fell 7.7% and multi-unit starts were down 13.8%. Residential building permits declined by 13.7% with year-to-date declines in all categories: single units (-10.2%), structures with 2-4 units (-6.6%) and structures with 5 or more units (-19.8%).
Source: US Census Bureau New Residential Construction, retrieved from Federal Reserve Bank of St. Louis using a FRED API.
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