U.S. Census Bureau: Monthly New Residential Construction, December 2023

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for December 2023:

Building Permits

Privately-owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,495,000. This is 1.9 percent above the revised November rate of 1,467,000 and is 6.1 percent above the December 2022 rate of 1,409,000. Single-family authorizations in December were at a rate of 994,000; this is 1.7 percent above the revised November figure of 977,000. Authorizations of units in buildings with five units or more were at a rate of 449,000 in December.

An estimated 1,469,800 housing units were authorized by building permits in 2023. This is 11.7 percent below the 2022 figure of 1,665,100.

Housing Starts

Privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,460,000. This is 4.3 percent (±12.5 percent)* below the revised November estimate of 1,525,000, but is 7.6 percent (±17.6 percent)* above the December 2022 rate of 1,357,000. Single-family housing starts in December were at a rate of 1,027,000; this is 8.6 percent (±11.2 percent)* below the revised November figure of 1,124,000. The December rate for units in buildings with five units or more was 417,000.

An estimated 1,413,100 housing units were started in 2023. This is 9.0 percent (±2.5 percent) below the 2022 figure of 1,552,600.

Housing Completions

Privately-owned housing completions in December were at a seasonally adjusted annual rate of 1,574,000. This is 8.7 percent (±19.9 percent)* above the revised November estimate of 1,448,000 and is 13.2 percent (±17.7 percent)* above the December 2022 rate of 1,390,000. Single-family housing completions in December were at a rate of 1,056,000; this is 8.4 percent (±18.5 percent)* above the revised November rate of 974,000. The December rate for units in buildings with five units or more was 509,000.

An estimated 1,452,500 housing units were completed in 2023. This is 4.5 percent (±3.8 percent) above the 2022 figure of 1,390,500.

The January report is scheduled for release on February 16, 2024.

View the full schedule in the Economic Briefing Room:  www.census.gov/economic-indicators/  .  The full text and tables for this release can be found at: www.census.gov/construction/nrc/ .

To view the original release, click here.

Source: U.S. Census Bureau