U.S. housing metrics show some strain in 2018
Rising materials costs, mortgage interest rates and high home prices put the brakes on housing starts last year.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for December 2018:
Building Permits
Privately‐owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,326,000. This is 0.3 percent (±1.2 percent)* above the revised November rate of 1,322,000 and is 0.5 percent (±1.1 percent)* above the December 2017 rate of 1,320,000.
Single‐family authorizations in December were at a rate of 829,000; this is 2.2 percent (±0.7 percent) below the revised November figure of 848,000. Authorizations of units in buildings with five units or more were at a rate of 460,000 in December.
An estimated 1,310,700 housing units were authorized by building permits in 2018. This is 2.2 percent (±0.6%) above the 2017 figure of 1,282,000.
Housing Starts
Privately‐owned housing starts in December were at a seasonally adjusted annual rate of 1,078,000. This is 11.2 percent (±14.0 percent)* below the revised November estimate of 1,214,000 and is 10.9 percent (±16.1 percent)* below the December 2017 rate of 1,210,000.
Single‐family housing starts in December were at a rate of 758,000; this is 6.7 percent (±15.3 percent)* below the revised November figure of 812,000. The December rate for units in buildings with five units or more was 302,000.
An estimated 1,246,600 housing units were started in 2018. This is 3.6 percent (±2.1%) above the 2017 figure of 1,203,000.
Housing Completions
Privately‐owned housing completions in December were at a seasonally adjusted annual rate of 1,097,000. This is 2.7 percent (±10.0 percent)* below the revised November estimate of 1,128,000 and is 8.4 percent (±12.2 percent)* below the December 2017 rate of 1,197,000.
Single‐family housing completions in December were at a rate of 790,000; this is 0.1 percent (±14.0 percent)* above the revised November rate of 789,000. The December rate for units in buildings with five units or more was 296,000. An estimated 1,191,700 housing units were completed in 2018. This is 3.4 percent (±3.8%) above the 2017 figure of 1,152,900.
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