Single-Family Housing Starts Drop in December

There was mixed news in the latest housing starts data released by the U.S. Census Bureau and the U.S. Department of Housing & Urban Development (HUD).

Single-family housing starts in December were at a rate of 795,000, which is four percent below the revised November figure of 828,000. But privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,226,000, which is 11.3 percent above the revised November rate of 1,102,000 and is 5.7 percent above the December 2015 rate of 1,160,000. An estimated 1,166,400 housing units were started in 2016, which is 4.9 percent above the 2015 figure of 1,111,800.

Single-family authorizations in December were at a rate of 817,000, which is 4.7 percent above the revised November figure of 780,000. Privately-owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,210,000, down 0.2 percent from the revised November rate of 1,212,000 but 0.7 percent above the December 2015 estimate of 1,201,000. An estimated 1,186,900 housing units were authorized by building permits in 2016, a 0.4 percent uptick from the 2015 figure of 1,182,600.

Single-family housing completions in December were at a rate of 761,000, which is 0.9 percent below the revised November rate of 768,000. Privately-owned housing completions in December were at a seasonally adjusted annual rate of 1,123,000, which is 7.9 percent below the revised November rate of 1,219,000, but is 8.7 percent above the December 2015 rate of 1,033,000. An estimated 1,062,300 housing units were completed in 2016, which is 9.7 percent above the 2015 figure of 968,200.