New Home Starts Rise 1.5% in January

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Today the U.S. Census Bureau and the Department of Housing and Urban Development (HUD) released to following new residential construction statistics for January 2012:

Building Permits

Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 676,000.  This is 0.7 percent (±1.2%) above the revised December rate of 671,000 and is 19.0 percent (±2.4%) above the January 2011 estimate of 568,000.

Single-family authorizations in January were at a rate of 445,000; this is 0.9 percent (±1.1%) above the revised December figure of 441,000.  Authorizations of units in buildings with five units or more were at a rate of 208,000 in January.

Housing Starts

Privately-owned housing starts in January were at a seasonally adjusted annual rate of 699,000.  This is 1.5 percent (±16.8%) above the revised December estimate of 689,000 and is 9.9 percent (±14.2%) above the January 2011 rate of 636,000.

Single-family housing starts in January were at a rate of 508,000; this is 1.0 percent (±19.0%) below the revised December figure of 513,000. The January rate for units in buildings with five units or more was 175,000.

Housing Completions

Privately-owned housing completions in January were at a seasonally adjusted annual rate of 530,000.  This is 12.0 percent (±8.8%) below the revised December estimate of 602,000, but is 4.1 percent (±13.6%) above the January 2011 rate of 509,000.

Single-family housing completions in January were at a rate of 389,000; this is 14.9 percent (±9.6%) below the revised December rate of 457,000. The January rate for units in buildings with five units or more was 136,000.