Wildfires in California fueled a sharp decline in new residential construction last month, but housing starts and building permits bounced backed in January.
Housing Starts
Privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,230,000. That’s a gain of 18.6% from the revised December estimate of 1,037,000, but 7.8% below the January 2018 rate of 1,334,000.
The consensus was 1,170,000, ranging from a low of 1,100,000 to a high of 1,237,000.
Single‐family housing starts in January came in at a rate of 926,000, or 25.1% above the revised December figure of 740,000. The January rate for units in buildings with five units or more was 289,000.
Building Permits
Privately‐owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,345,000. That is 1.4% higher than the revised December rate of 1,326,000, but 1.5% below the January 2018 rate of 1,366,000.
The consensus was 1,287,000, ranging from a low of 1,220,000 to a high of 1,352,000.
Single‐family authorizations in January came in at a rate of 812,000, 2.1% below the revised December figure of 829,000. Authorizations of units in buildings with five units or more were at a rate of 482,000 in January.
Housing Completions
Privately‐owned housing completions in January rose to a seasonally adjusted annual rate of 1,244,000.
This is 27.6% higher than the revised December estimate of 975,000 and is 2.1% above the January 2018 rate of 1,218,000.
Single‐family housing completions in January were at a rate of 914,000; this is 30.2% above the revised December rate of 702,000. The January rate for units in buildings with five units or more was 327,000.
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