New Residential Construction Ends 2019 Very Strong, Reflecting High Builder Confidence
New residential construction statistics for December show housing starts soared 16.9% in December. That level reflects historically high builder confidence at the end of the year, as reported on Thursday.
Building Permits
Privately‐owned housing units authorized by building permits came in at a seasonally adjusted annual rate of 1,416,000 in December. While that’s a decline of 3.9% (±1.6) from the upwardly revised November rate of 1,474,000, it is 5.8% (±1.1%) higher than the December 2018 rate of 1,339,000.
Single‐family authorizations in December came in at a rate of 916,000, or 0.5% (±1.3%) below the upwardly revised November figure of 921,000. Authorizations of units in buildings with five units or more came in at a rate of 458,000 in December.
An estimated 1,368,800 housing units were authorized by building permits in 2019. That’s an increase of 3.9% (±0.6%) from the 2018 figure of 1,317,900.
Housing Starts
Privately‐owned housing starts in December came in at a seasonally adjusted annual rate of 1,608,000, soaring 16.9% (±12.8%) from the upwardly revised November estimate of 1,375,000. That is also 40.8% (±20.5%) higher than the December 2018 rate of 1,142,000.
Single‐family housing starts in December came in at a rate of 1,055,000, an increase of 11.2% (±10.4%) from the upwardly revised November figure of 949,000. The December rate for units in buildings with five units or more was 536,000.
An estimated 1,289,800 housing units were started in 2019, an increase of 3.2% (±2.3%) from the 2018 figure of 1,249,900.
Housing Completions
Privately‐owned housing completions in December came in at a seasonally adjusted annual rate of 1,277,000, an increase of 5.1% (±15.1%) from the upwardly revised November estimate of 1,215,000. It is 19.6% (±14.1%) higher than the December 2018 rate of 1,068,000.
Single‐family housing completions in December came in at a rate of 912,000, an increase of 0.7% (±13.5%) from the upwardly revised November rate of 906,000. The December rate for units in buildings with five units or more was 357,000.
An estimated 1,250,600 housing units were completed in 2019, an increase of 5.6% (±4.0%) from the 2018 figure of 1,184,900.
