U.S. Housing Starts Dipped Slightly In 2022
U.S. housing starts for 2022 came in at 1.553 million units, down 3% from 2021, according to the U.S. Census Bureau and U.S. Dept. of Housing and Urban Development monthly new residential construction report. Single-family starts took the biggest hit, down 10.6% to 1.007 million, while multi-family (five units or more) increased 14.5% to 528.9 million.
The annual numbers followed the release of the December starts, which were 1.382 million, down 1.4% from November, though single-family increased 11.3% in December, while multi-family declined nearly 19%. The single-family jump in December followed three consecutive months of decline.
Building permits declined 1.6% in December from November to 1.33 million, with single-family falling 6.5% and multi-family increasing 7.1%.
Housing completions in December were at 1.411 million, down 8.4% from November, with single-family down 8%.
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