The U.S. government is reporting that privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,567,000. This is figure 3.6% below than December’s revised rate but is 21.4% higher than one year ago. Single‐family housing starts in January were at a rate of 1,010,000, which is 5.9% below December’s revised figure. January’s rate for units in buildings with five units or more was 547k. Privately‐owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,551,000. This figure is 9.2% above December’s revised rate and is 17.9% higher than January, 2019. Single family authorizations in January were at a rate of 987k, which is 6.4% higher than December’s revised estimate. Authorizations of units in buildings with five units or more were at a rate of 522k in January.
“The housing market remains on solid footing, supported by the lowest mortgage rates in more than three years. Though housing accounts for about 3.1% of gross domestic product, it has a giant footprint on the economy. Housing market stability could help to keep the longest economic expansion on record…” Reuters 2/19/20
Click here to read the full report at the U.S. Census Bureau.
