Tag Archives: Construction permit

CR: Housing Starts decrease to 890 thousand SAAR in January, Single Family Starts Increase

Housing Starts decrease to 890 thousand SAAR in January, Single Family Starts Increase

by Bill McBride on 2/20/2013 

From the Census Bureau: Permits, Starts and Completions

Housing Starts:
Privately-owned housing starts in January were at a seasonally adjusted annual rate of 890,000. This is 8.5 percent below the revised December estimate of 973,000, but is 23.6 percent above the January 2012 rate of 720,000.

Single-family housing starts in January were at a rate of 613,000; this is 0.8 percent above the revised December figure of 608,000. The January rate for units in buildings with five units or more was 260,000.

Building Permits:
Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 925,000. This is 1.8 percent above the revised December rate of 909,000 and is 35.2 percent above the January 2012 estimate of 684,000.

Single-family authorizations in January were at a rate of 584,000; this is 1.9 percent above the revised December figure of 573,000. Authorizations of units in buildings with five units or more were at a rate of 311,000 in January.

Total Housing Starts and Single Family Housing StartsClick on graph for larger image.

The first graph shows single and multi-family housing starts for the last several years.

Multi-family starts (red, 2+ units) decreased sharply in January.

Single-family starts (blue) increased to 613,000 thousand in January and are at the highest level since 2008.

The second graph shows total and single unit starts since 1968.

Total Housing Starts and Single Family Housing StartsThis shows the huge collapse following the housing bubble, and that housing starts have been increasing lately after moving sideways for about two years and a half years.

Total starts are up about 86% from the bottom start rate, and single family starts are up about 74 percent from the post-bubble low.

This was below expectations of 914 thousand starts in January due to the sharp decrease in the volatile multi-family sector. Starts in January were up 23.6% from January 2012. I’ll have more later, but this was a solid report.

Read more at http://www.calculatedriskblog.com/2013/02/housing-starts-decrease-to-890-thousand.html#WtyC13bVtztXes3D.99

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Residential Remodeling in November 2012 is down 6%

Residential Remodeling in November 2012

National Residential Remodeling

Residential remodels authorized by building permits in the United States in November were at a seasonally-adjusted annual rate of 2,695,000. This is 6% percent below the revised October rate of 2,865,000 and is 2 percent above the November 2011 estimate of 2,633,000.

Regional Residential Remodeling

Seasonally-adjusted annual rates of remodeling across the country in November 2012 are estimated as follows: Northeast, 400,000 (down 6% from October and equal to November 2011); South, 1,081,000 (down 18% from October and up 2% from November 2011); Midwest, 565,000 (up 10% from October and up 2% from November 2011); West, 739,000 (down 1% from October and up 3% from November 2011).

Viewing the Economic Recovery Through Remodeling

“In November, remodeling activity for the nation showed signs of settling down for the winter, with 2012 as the fourth year in a row that residential remodeling activity has increased,” said Joe Emison, Chief Technology Officer at BuildFax.

About the BuildFax Remodeling Index

The BuildFax Remodeling Index (BFRI) is based on construction permits for residential remodeling projects filed with local building departments across the country.  The index estimates the number of properties permitted.  The national and regional indexes are based upon a subset of representative building departments in the U.S. and population estimates from the U.S. Census.  The BFRI is seasonally-adjusted using the X12 procedure. For more details and historical index values, please visit http://index.buildfax.com/.

About BuildFax

BuildFax is the creator of the first and only national database of historical building permit data. Headquartered in Asheville, North Carolina, BuildFax has created a proprietary property intelligence engine that contains building and permitting information from 5,000+ cities and counties throughout the country. As the best and only source of a structure’s “life story,” the BuildFax database continues to grow, currently covering over 60 percent of the U.S. commercial and residential building stock with over 6 billion data points

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