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Thursday, January 27, 2022 6:46:20 PM EST

Housing Starts Updated 19-Jan-22 09:17AM ET
Housing starts increased 1.4% month-over-month in December to a seasonally adjusted annual rate of 1.702 million ( consensus 1.650 million) while permits increased 9.1% month-over-month to 1.873 million ( consensus 1.702 million).

The change in single-unit starts by region: Northeast (+11.1%); Midwest (+50.8%); South (-8.2%); and West (-14.6%).

The change in single-unit permits by region: Northeast (+32.3%), Midwest (+12.1%); South (+0.5%); and West (-7.0%).

Multi-unit starts increased 10.7% month-over-month while multi-unit permits increased 21.9% month-over-month.

The number of units under construction at the end of the period was up 2.3% month-over-month to a seasonally adjusted annual rate of 1.519 million. That left the Q4 average 5.7% above the third quarter average, so it will be accounted for as a positive input in Q4 GDP forecasts.

The key takeaway from the report is that the increases were driven by multi-unit dwellings. Single-unit starts were down 2.3% and single-unit permits were up just 2.0% with little to no growth in the two largest homebuilding regions (the South and the West).
1 Unit1172K1199K1074K1089K1088K
Multi Units530K479K478K461K485K