Building permits, housing starts, and housing completions in the South in January all fell to start 2024, according to the latest data from the Census Bureau.
Building Permits. Privately owned housing units authorized by building permits fell to a seasonally adjusted annual rate of 800,000 in January, down 7.0% from December and the 3rd lowest rate in the last 12 months.
- Single-family permits rose to a seasonally adjusted annual rate of 605k, up 1.2% from December and the highest level since May 2022.
Housing Starts. Privately owned housing starts fell to a seasonally adjusted annual rate of 753,000 in January, down 9.7% from December and the first drop in the last 3 months.
- Single-family starts fell to a seasonally adjusted annual rate of 579k in January, down 4.3% from December and the second straight monthly decline.
Housing Completions. Privately owned housing completions fell to a seasonally adjusted annual rate 803,000 in January, down 8.5% from December and the first drop in the last 3 months.
- Single-family completions fell to a seasonally adjusted annual rate of 535k in January, plummeting 14.1% from December and the lowest level since January 2022.
South Dominance. Despite the big drops, the South was responsible for 54.4% of building permits, 56.6% of housing starts, and 56.7% of housing completions.
- The dominance was even stronger with single-family where the South was responsible for 60% of permits, 57.7% of starts, and 62.4% of completions.