Housing Starts Plummet 14.8% in January

In January, housing starts fell to a seasonally adjusted annual rate of 1.331 million, falling short of the forecasted 1.450 million. This marks a 14.8% decrease from December and a 0.7% decline compared to one year ago.

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

Privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,331,000. This is 14.8 percent (±10.2 percent) below the revised December estimate of 1,562,000 and is 0.7 percent (±11.7 percent)* below the January 2023 rate of 1,340,000. Single‐family housing starts in January were at a rate of 1,004,000; this is 4.7 percent (±11.6 percent)* below the revised December figure of 1,054,000. The January rate for units in buildings with five units or more was 314,000.

[link to report]