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Posted January 22, 2015

U.S. Housing Starts Rise 4.4 Percent in December

December showed a nice jump in housing starts and may mean your contractor customers are gearing up for a brighter 2015. Starts on single-family homes rose 7% to a rate of 728,000, the highest level since March 2008. Multi-family construction, which has been strong, took a slight dip, with some observers suggesting it was returning to more normal status.


Here's the data from the U.S. Census Bureau and the Department of Housing and Urban Development: 

BUILDING PERMITS
Privately-owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,032,000. This is 1.9 percent (±1.3%) below the revised November rate of 1,052,000, but is 1.0 percent (±1.1%)* above the December 2013 estimate of 1,022,000.

Single-family authorizations in December were at a rate of 667,000; this is 4.5 percent (±0.8%) above the revised November figure of 638,000. Authorizations of units in buildings with five units or more were at a rate of 338,000 in December.

An estimated 1,032,900 housing units were authorized by building permits in 2014. This is 4.2 percent (±0.9%) above the 2013 figure of 990,800.

HOUSING STARTS
Privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,089,000. This is 4.4 percent (±11.7%)* above the revised November estimate of 1,043,000 and is 5.3 percent (±12.7%)* above the December 2013 rate of 1,034,000.

Single-family housing starts in December were at a rate of 728,000; this is 7.2 percent (±10.6%)* above the revised November figure of 679,000. The December rate for units in buildings with five units or more was 339,000.

An estimated 1,005,800 housing units were started in 2014. This is 8.8 percent (±2.9%) above the 2013 figure of 924,900.

HOUSING COMPLETIONS
Privately-owned housing completions in December were at a seasonally adjusted annual rate of 927,000. This is 6.3 percent (±12.9%)* above the revised November estimate of 872,000 and is 19.6 percent (±14.2%) above the December 2013 rate of 775,000.

Single-family housing completions in December were at a rate of 667,000; this is 9.5 percent (±12.0%)* above the revised November rate of 609,000. The December rate for units in buildings with five units or more was 254,000.

An estimated 883,000 housing units were completed in 2014. This is 15.5 percent (±3.2%) above the 2013 figure of 764,400.

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