As we wrap up the year 2023, it's crucial to take a closer look at the latest data on new residential construction. The figures for December provide insights into the housing market, reflecting changes in various categories. Let's delve into the key findings with a focus on the monthly and annual percentage changes, presented with one decimal point precision.
Total New Housing Units Started
- Monthly Change: -4.3%
- Annual Change: 7.6%
The total number of new privately-owned housing units started in December 2023 experienced a modest decline of 4.3% compared to the previous month. However, on an annual basis, there was a positive growth of 7.6%, indicating a steady upward trend in the construction of new housing units.
Authorized Units in Permit-Issuing Places
- Monthly Change: 1.8%
- Annual Change: 6.0%
The data reveals a slight increase of 1.8% in the number of authorized housing units in permit-issuing places for December. On an annual basis, this category demonstrates a positive change of 6.0%, suggesting ongoing demand for new housing in these areas.
Single-Family Units Construction
- Monthly Change: -8.6%
- Annual Change: 15.8%
In the single-family units category, there was a notable monthly decrease of 8.6%. However, the annual change paints a more optimistic picture, showing a substantial increase of 15.8%. This could be indicative of a shift towards larger housing projects.
Units Under Construction and Completed
- Under Construction - Monthly Change: -0.4%
- Under Construction - Annual Change: -1.0%
- Completed - Monthly Change: 8.7%
- Completed - Annual Change: 13.2%
The number of new housing units under construction experienced a marginal monthly decline of 0.4%, with a slight annual decrease of 1.0%. On the other hand, completed housing units saw a robust monthly increase of 8.7% and a solid annual change of 13.2%, reflecting successful project completions.
Insights into Specific Unit Categories
Units in Buildings with 5 or More Units - Monthly Change: 0.2%
Units in Buildings with 5 or More Units - Annual Change: 7.4%
Single-Family Units Authorized - Monthly Change: 2.3%
Single-Family Units Authorized - Annual Change: 33.6%
Single-Family Units Under Construction - Monthly Change: -1.2%
Single-Family Units Under Construction - Annual Change: -11.4%
Single-Family Units Completed - Monthly Change: 8.4%
Single-Family Units Completed - Annual Change: 6.1%
Units in Buildings with 5 or More Units Authorized - Monthly Change: 0.5%
Units in Buildings with 5 or More Units Authorized - Annual Change: -27.3%
Units in Buildings with 5 or More Units Completed - Monthly Change: 11.1%
Units in Buildings with 5 or More Units Completed - Annual Change: 33.6%
Other Notable Trends
Authorized but Not Started - Monthly Change: -1.6%
Authorized but Not Started - Annual Change: -10.0%
Units in Buildings with 2-4 Units Started - Monthly Change: 23.1%
Units in Buildings with 2-4 Units Started - Annual Change: 77.8%
Units in Buildings with 5 or More Units Started - Monthly Change: 7.5%
Units in Buildings with 5 or More Units Started - Annual Change: -9.5%
In summary, the new residential construction data for December 2023 presents a nuanced picture of the housing market. While some categories experienced monthly fluctuations, the overall annual trends indicate resilience and growth in certain segments. These insights are valuable for stakeholders in the real estate and construction industries as they navigate the dynamics of the housing landscape in the coming year.
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