Housing Starts Up Slightly

Housing construction for January was up in the Northeast and Midwest, pushing this sector to a slight gain over December 2007 totals.

 

January housing construction was up in two regions of the United States, but permit issuance fell to the lowest level since 1991, according to a report by the Commerce Department.

The report on housing showed construction was up by 18.9 percent in the Northeast, reflecting an unusually warm January, and up by 12 percent in the Midwest, also a gain that was attributed to weather. Construction fell by 6.1 percent in the West and dropped 2.9 percent in the South.

Privately-owned housing starts in January were at a seasonally adjusted annual rate of 1.012 million, which is a 0.8 percent increase from the December 2007 estimate. However, the January figure is 27.9 percent below the revised January 2007 rate of 1.403 million.

Single-family housing starts in January were at a rate of 743,000 units; this is 5.2 percent below the December figure of 784,000. The January rate for units with five units or more was 247,000.

Privately-owned housing completions in January were at a seasonally adjusted annual rate of 1.351 million. This is 1.8 percent above the revised December estimate of 1.327 million, but is 26.2 percent below the revised January 2007 rate.

Single-gamily housing completions in January were at a rate of 1.01 million units, one percent below the December figure. The January rate for units in buildings with five units or more was 303,000.

Privately owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1.048 million, three percent below the revised December rate of 1.08 million and 33.1 percent below the revised January 2007 estimate.

Sources: Commerce Department, Associated Press