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January 19, 2023US HOUSING STARTS AND BUILDING PERMITS, DECEMBER & ANNUAL 2022 
Month over month (Dec 22 vs Nov 22, seasonally adjusted annualized rates)
According to the US Census Bureau and the US Department of Housing and Urban Development, residential building permits declined 1.6% to a seasonally adjusted rate of 1,330,000 permits in December 2022. Permits for single unit structures were down 6.5% while those for structures with 2 to 4 units declined 13.5%. Permits for structures with 5 units or more were up 7.1%.
Compared to November 2022, US housing starts declined 1.4% to a seasonally adjusted rate of 1,382,000. Single dwelling unit starts increased 11.3% while starts for structures with 5 or more units were down 18.9%
Year over year (Dec 22 vs Dec 21, seasonally adjusted annualized rates)
Compared to December 2021, residential building permits declined by 29.9% driven by declines in all unit types. Permits for single unit structures fell 34.7%. Permits for structures with 2 to 4 units were down 33.8% while permits for structures with 5 units or more declined 21.8%.
Compared to the same month in 2021, US housing starts declined 21.8% in December 2022. Starts for single unit structures decreased 25.0% and starts for structures with 5 or more units were down 16.3%.
Annual (2022 vs 2021)
US residential building permits declined 5.0% year over year to 1,649,400 units in 2022. Permits for single unit structures declined 12.9% while permits for structures with 2 to 4 units were down 0.7%. Permits for structures with 5 units or more increased 9.9% in 2022.
Housing starts are declined 3.0% year-over-year to 1,553,300 units in 2022. Starts for single unit structures declined 10.6%. Starts for structures with 2 to 4 units increased 40.2% while starts for structures with 5 or more units were up 14.5%.
Source: US Census Bureau New Residential Construction
US Census Bureau - retrieved from FRED, Federal Reserve Bank of St. Louis. Monthly data
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