Key points:

• U.S. Building Permits Beat Expectations in December, Up 1 From November.9%。
• U.S. December housing starts record 4.3% decline, although still 7% higher than in December 2022.6%。
• Building permits beat expectations, show resilience of housing market despite dwelling starts drop。

Building Permit

In December, at a seasonally adjusted annual rate, the number of private housing units authorized by building permits reached 1,495,000, an increase of 1.9%。This number is 6% higher than in December 2022..1%。Specifically, single-family authorizations reached 994,000 in December, up 1 percent from November..7%。Meanwhile, the pace of construction of five units or more authorized by building permits in December was 449,000.。

However, in the broader context of 2023, approximately 1,469,800 housing units received building permits, a decrease of 11 from 2022..7%。

Residential Commencement

In December, private residential starts reached 1,460,000 at a seasonally adjusted annual rate.。That number is down 4 from November..3%, but still 7% higher than December 2022.6%。Single-family home starts were 1,027,000 in December, down 8 from November..6%。That compares with a December rate of 417,000 for buildings of five units or more.。

Throughout 2023, 1,413,100 housing units are expected to start, a decrease of 9 from 2022..0%。

Housing completion

In December, private housing completions reached 1,574,000 at a seasonally adjusted annual rate, up 8 from November..7%, a significant increase from December 2022 13.2%。In particular, single-family home completions reached 1,056,000 in December, up 8 percent from November..4%。Construction of five units or more, meanwhile, rose at a pace of 509,000 in December.。

Throughout 2023, 1,452,500 housing units are expected to be completed, an increase of 4 from 2022..5%。

Short-term forecasts:

The data show a complex trend, with building permits increasing but residential starts decreasing.。However, they are both higher than estimated。The completion rate is significantly higher, indicating that there may be opportunities in the housing market.。This complex landscape requires careful monitoring by investors and industry stakeholders。