Housing Begins Elevated to 1.499 million Annual Fee in December

by Calculated Threat on 1/17/2025 08:30:00 AM

From the Census Bureau: Permits, Begins and Completions

Housing Begins:
Privately-owned housing begins in December have been at a seasonally adjusted annual fee of 1,499,000. That is 15.8 p.c above the revised November estimate of 1,294,000, however is 4.4 p.c beneath the December 2023 fee of 1,568,000. Single-family housing begins in December have been at a fee of 1,050,000; that is 3.3 p.c above
the revised November determine of 1,016,000. The December fee for items in buildings with 5 items or extra was 418,000.

An estimated 1,364,100 housing items have been began in 2024. That is 3.9 p.c beneath the 2023 determine of
1,420,000.

Constructing Permits:
Privately-owned housing items licensed by constructing permits in December have been at a seasonally adjusted annual fee of
1,483,000. That is 0.7 p.c beneath the revised November fee of 1,493,000 and is 3.1 p.c beneath the December 2023 fee
of 1,530,000. Single-family authorizations in December have been at a fee of 992,000; that is 1.6 p.c above the revised
November determine of 976,000. Authorizations of items in buildings with 5 items or extra have been at a fee of 437,000 in December.

An estimated 1,471,200 housing items have been licensed by constructing permits in 2024. That is 2.6 p.c beneath the 2023 determine of
1,511,100.
emphasis added

Click on on graph for bigger picture.

The primary graph exhibits single and multi-family housing begins since 2000.

Multi-family begins (blue, 2+ items) elevated month-over-month in December.   Multi-family begins have been down 8.4% year-over-year.

Single-family begins (pink) elevated in December and have been down 2.6% year-over-year.

The second graph exhibits single and multi-family housing begins since 1968.

This exhibits the large collapse following the housing bubble, after which the eventual restoration – and the latest collapse and restoration in single-family begins.

Complete housing begins in December have been above expectations and begins in October and November have been revised up.

I am going to have extra later …