U.S. Census Bureau: Monthly New Residential Construction, December 2022

Notice of methodology change: Beginning with the January New Residential Construction release on February 16, 2023, the Building Permits survey will change its target universe from the current 2014 basis to an annually updated universe. This change will allow for more accurate and quicker coverage when jurisdictions change from not issuing building permits to issuing them. For additional details on this change and the impact on New Residential Construction, see our 2023 Methodology Change FAQs.

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for December 2022:

Building Permits

Privately-owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,330,000. This is 1.6 percent below the revised November rate of 1,351,000 and is 29.9 percent below the December 2021 rate of 1,896,000. Single-family authorizations in December were at a rate of 730,000; this is 6.5 percent below the revised November figure of 781,000. Authorizations of units in buildings with five units or more were at a rate of 555,000 in December.

An estimated 1,649,400 housing units were authorized by building permits in 2022. This is 5.0 percent below the 2021 figure of 1,737,000.

Housing Starts

Privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,382,000. This is 1.4 percent (±16.9 percent)* below the revised November estimate of 1,401,000 and is 21.8 percent (±11.2 percent) below the December 2021 rate of 1,768,000. Single-family housing starts in December were at a rate of 909,000; this is 11.3 percent (±20.7 percent)* above the revised November figure of 817,000. The December rate for units in buildings with five units or more was 463,000.

An estimated 1,553,300 housing units were started in 2022. This is 3.0 percent (±2.4 percent) below the 2021 figure of 1,601,000.

Housing Completions

Privately-owned housing completions in December were at a seasonally adjusted annual rate of 1,411,000. This is 8.4 percent (±16.5 percent)* below the revised November estimate of 1,540,000, but is 6.4 percent (±11.4 percent)* above the December 2021 rate of 1,326,000. Single-family housing completions in December were at a rate of 1,005,000; this is 8.0 percent (±11.6 percent)* below the revised November rate of 1,092,000. The December rate for units in buildings with five units or more was 385,000.

An estimated 1,392,300 housing units were completed in 2022. This is 3.8 percent (±3.3 percent) above the 2021 figure of 1,341,000.

The January report is scheduled for release on February 16, 2023.  View the full schedule in the Economic Briefing Room: www.census.gov/economic-indicators .  The full text and tables for this release can be found at https://www.census.gov/construction/nrc/index.html.

The original report can be read here.

Source: U.S. Census Bureau