Mortgage News March 3, 2023
The Monthly New Residential Construction Report for January 2023 has been released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Together, they announced the following statistics for January 2023 on new residential construction:
Building permits for privately owned homes were issued at a seasonally adjusted annual rate of 1,339,000 in January. The figure is 0.1 percent higher than the revised December rate of 1,337,000 but 27.3% lower than the rate of 1,841,000 in January 2022. In January, there were 718,000 single-family authorizations, down 1.8 percent from December’s revised figure of 731,000. The number of units authorized in buildings with five or more units totaled 563,000 in January.
In January, privately‐owned housing starts were at a 1,309,000 annual rate (seasonally adjusted). This is 4.5% (±15.9%) lower than 1,371,000 — the revised December estimate and is 21.4% (±10.6%) lower than the rate of 1,666,000 in January 2022.
In January, the rate of single‐family housing starts was at 841,000; this is 4.3% (±16.4%) lower than the 879,000 revised figure in December. The January rate was 457,000 for units in buildings with five or more units.
In January, privately‐owned housing completions were at a 1,406,000 annual rate (seasonally adjusted). This is 1.0% (±9.8%) more than 1,392,000 — the revised December estimate and is 12.8% (±13.0%) more than the rate of 1,247,000 in January 2022.
There was an increase of 4.4% in single-family housing completions this month, and an increase of 12% over last year. In January, single‐family housing completions were at a 1,040,000 rate; this is 4.4% (±10.4%) more than the 996,000 revised rate in December. The January rate was 349,000 for units in buildings with five units or more.
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