Housing Starts Increase 1.5% in January, Says HUD

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(WASHINGTON, DC) -- The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for January 2010:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 621,000. This is 4.9 percent (±2.2%) below the revised December rate of 653,000, but is 16.9 percent (±4.0%) above the January 2009 estimate of 531,000.

Single-family authorizations in January were at a rate of 507,000; this is 0.4 percent (±1.2%) above the revised December figure of 505,000. Authorizations of units in building with five units or more were at a rate of 96,000 in January.

HOUSING STARTS

Privately-owned housing starts in January were at a seasonally adjusted annual rate of 591,000. This is 2.8 percent (±11.5%) above the revised December estimate of 575,000 and is 21.1 percent (±12.3%) above the January 2009 rate of 488,000.

Single-family housing starts in January were at a rate of 484,000; this is 1.5 percent (±11.3%) above the revised December figure of 477,000. The January rate for units in buildings with five units or more was 100,000.

HOUSING COMPLETIONS

Privately-owned housing completions in January were at a seasonally adjusted annual rate of 659,000. This is 12.4 percent (±7.8%) below the revised December estimate of 752,000 and is 15.3 percent (±10.5%) below the January 2009 rate of 778,000.

Single-family housing completions in January were at a rate of 427,000; this is 12.9 percent (±7.1%) below the revised December rate of 490,000. The January rate for units in buildings with five units or more was 215,000.

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