January Housing Starts Declined 9.8% from Dec., Down 0.7% YOY

Washington, DC, February 19, 2025-Privately-owned housing starts in January were at a seasonally adjusted annual rate of 1,366,000, according to the U.S. Census Bureau, 9.8% below the revised December estimate of 1,515,000 and 0.7% below the January 2024 rate of 1,376,000. Single-family housing starts in January were at a rate of 993,000; this is 8.4% below the revised December figure of 1,084,000. The January rate for units in buildings with five units or more was 355,000.

Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,483,000. This is 0.1% above the revised December rate of 1,482,000, but is 1.7% below the January 2024 rate of 1,508,000. Single-family authorizations in January were at a rate of 996,000; this is virtually unchanged from the revised December figure of 996,000. Authorizations of units in buildings with five units or more were at a rate of 427,000 in January.

Privately-owned housing completions in January were at a seasonally adjusted annual rate of 1,651,000. This is 7.6% above the revised December estimate of 1,534,000 and is 9.8% above the January 2024 rate of 1,504,000. Single-family housing completions in January were at a rate of 982,000; this is 7.1% above the revised December rate of 917,000. The January rate for units in buildings with five units or more was 652,000.