January Housing Starts Declined 4.5% from December, 21.4% YOY

Washington, DC, February 16, 2023-Privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,309,000, 4.5% below the revised December estimate of 1,371,000 and 21.4% below the January 2022 rate of 1,666,000, according to the U.S. Census Bureau.

Single‐family housing starts in January were at a rate of 841,000; this is 4.3% below the revised December figure of 879,000. The January rate for units in buildings with five units or more was 457,000.

Privately‐owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,339,000. This is 0.1% above the revised December rate of 1,337,000, but is 27.3% below the January 2022 rate of 1,841,000. Single‐family authorizations in January were at a rate of 718,000; this is 1.8% below the revised December figure of 731,000. Authorizations of units in buildings with five units or more were at a rate of 563,000 in January.

Privately‐owned housing completions in January were at a seasonally adjusted annual rate of 1,406,000. This is 1.0% above the revised December estimate of 1,392,000 and is 12.8% above the January 2022 rate of 1,247,000. Single‐family housing completions in January were at a rate of 1,040,000; this is 4.4% above the revised December rate of 996,000. The January rate for units in buildings with five units or more was 349,000.