February 21, 2023 |
Updated February 21, 2023
Mixed results in latest housing data release.
The Census Bureau and Department of Housing and Urban Development announced Feb. 16 that housing starts and building permits were down year-over-year (YoY) in January. Housing completions were up double-digits.
Starts, completions and permits for new residential construction have settled together over the last year—in the 1.3 million-1.4-million-unit range for each—based on a seasonally adjusted annual rate; however, some data is declining.
Permits for five units or more increased slightly from December 2022 to January 2023, but permits are down 4.1% YoY. Housing starts dropped 5.4% from December to January and 8.4% from January 2022. Completions slipped 8.6% in January from December but increased 14.4% YoY.
Much of the housing data witnessed in January 2023 is similar to what was seen in 2020 and 2021 after the pandemic had already begun affecting economic and other data.