New Residential Building Permits: Up 9.1% in December

The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for December new residential building permits. The latest reading of 1.873M was up 9.09% from the November reading and is above the Investing.com forecast of 1.702M.

Here is the opening of this morning's monthly report, including a note regarding revisions:

Building Permits

Privately‐owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,873,000. This is 9.1 percent (±1.1 percent) above the revised November rate of 1,717,000 and is 6.5 percent (±1.7 percent) above the December 2020 rate of 1,758,000. Single‐family authorizations in December were at a rate of 1,128,000; this is 2.0 percent (±1.3 percent) above the revised November figure of 1,106,000. Authorizations of units in buildings with five units or more were at a rate of 675,000 in December.

An estimated 1,724,700 housing units were authorized by building permits in 2021. This is 17.2 percent (±0.6 percent) above the 2020 figure of 1,471,100. [link to report]

Here is the complete historical series, which dates from 1960. Because of the extreme volatility of the monthly data points, a 6-month moving average has been included.