Starts and Permits

Residential Construction Tanked In January Due To Apartment Downslide

Posted on by TMN Editor
Home construction lost ground in January, collapsing to the slowest pace in five months. Residential home construction fell to a 1.33 million annual pace, down from a revised 1.56 million in December, according to data from the U.S. Census Bureau. This is the biggest drop since April 2020, and a far cry from Wall Street expectations of 1.45 million. Single-family starts fared poorly, down by a 4.7% adjusted annual rate of 1.004 million units last month. But the driving factor was multifamily, which shrank by 35.6%, wiping out gains the month prior. On the bright side, permits once again rose, besting last month’s 5-month high. Permits offer an indication of future construction. Analysts partly attribute the inconsistency to severe winter…

Starts Slipped, Permits Surged In December

Posted on by TMN Editor
Home construction slipped for the first time in four months in December, with single-family starts taking a hit. Residential home construction fell 4.3% last month to a 1.46 million annualized rate, according to data from the U.S. Census Bureau. They were up 7.6% from December 2022’s rate of 1.36 million, however. The dip comes on the heels of a surge in November that sent new construction to a 6-month high. Notably, the decline was driven by single-family construction. Multi-family starts actually rose to a 5-month high. Permit applications also fared well after performing poorly the month prior. Single-family permits soared to their highest rate since May 2022, and multi-family also ticked up.  Permits offer an indication of future construction, suggesting…