New Residential Construction slides again in January
Another disappointing month: permits tumble 10.4 percent from December; housing completions slide 9.5 percent.
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for January 2011:
BUILDING PERMITS
Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 562,000. This is 10.4 percent (±1.8%) below the revised December rate of 627,000 and is 10.7 percent (±1.2%) below the January 2010 estimate of 629,000.
Single-family authorizations in January were at a rate of 421,000; this is 4.8 percent (±2.3%) below the revised December figure of 442,000. Authorizations of units in buildings with five units or more were at a rate of 125,000 in January.
HOUSING STARTS
Privately-owned housing starts in January were at a seasonally adjusted annual rate of 596,000. This is 14.6 percent (±15.7%)* above the revised December estimate of 520,000, but is 2.6 percent (±9.8%)* below the January 2010 rate of 612,000.
Single-family housing starts in January were at a rate of 413,000; this is 1.0 percent (±8.6%)* below the revised December figure of 417,000. The January rate for units in buildings with five units or more was 171,000.
HOUSING COMPLETIONS
Privately-owned housing completions in January were at a seasonally adjusted annual rate of 512,000. This is 9.5 percent (±6.3%) below the revised December estimate of 566,000 and is 22.7 percent (±8.3%) below the January 2010 rate of 662,000.
Single-family housing completions in January were at a rate of 428,000; this is 7.0 percent (±7.0%)* below the revised December rate of 460,000. The January rate for units in buildings with five units or more was 77,000.
