Initial dwellings fell to an annual rate of 1.382 million in December

by calculated risks 1/19/2023 08:37:00 AM

From the Census Bureau: Permits, Starts, and Completions

Housing Beginnings:
Privately owned housing began in December at a level The seasonally adjusted annual rate is 1,382,000. This is 1.4 percent lower than November’s revised estimate of 1,401,000 and 21.8 percent lower than December 2021’s rate of 1,768,000. The number of housing starts in December was 909,000 for single families; That’s 11.3 percent above November’s revised number of 817,000. The December rate for units in buildings of five or more units was 463,000.

An estimated 1,553,300 housing units began construction in 2022. This is 3.0% less than the 2021 figure of 1,601,000.

Building permits:
Privately owned housing units licensed under building permits in December were at a seasonally adjusted annual rate of 1,330,000. This is 1.6 percent lower than November’s revised rate of 1,351,000 and 29.9 percent lower than December 2021’s rate of 1,896,000. Single-family permits in December were at a rate of 730,000; That’s 6.5 percent down from November’s revised figure of 781,000. Permits for units in buildings of five or more units were 555,000 in December.

An estimated 1,649,400 housing units were approved under building permits in 2022. This is 5.0% lower than the 2021 figure of 1,737,000.
Affirmations added

Click on the chart for a larger image.

The first chart shows the beginnings of single and multi-family housing over the past several years.

Polyfamily starts (blue, 2+ units) decreased in December compared to November. Multi-family startups fell 14.9% year-over-year in December.

Single-family starts (in red) were up in December and down 25.0% year over year.

Total housing starts and single-family housing startsThe second graph shows single and multi-family housing started since 1968.

This illustrates the massive collapse that followed the housing bubble, then the eventual recovery – and the final collapse in the single-family begins.

Total housing built in December was higher than forecast, however, the beginnings of October and November were revised downward, combined.

I’ll take more later…

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