Building Permits Fall 1.5% in January

In January, building permits were at a seasonally adjusted annual rate of 1.470 million, falling short of the forecasted 1.509 million. This marks a 1.5% decrease from December and a 8.6% rise compared to one year ago.

Here is the opening of this morning's monthly report:

Privately‐owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,470,000. This is 1.5 percent below the revised December rate of 1,493,000, but is 8.6 percent above the January 2023 rate of 1,354,000. Single family authorizations in January were at a rate of 1,015,000; this is 1.6 percent above the revised December figure of 999,000. Authorizations of units in buildings with five units or more were at a rate of 405,000 in January. [link to report]