Economic Data and Growth

Building permits declined 5.4% in January and 5.8% over the year. Permits for single-family homes in January decreased 0.9% and 11.6% over the year. On the other hand, permits for buildings with five or more units plummeted 13.4% in January but rose 8.9% over the year.

In January, housing starts jumped 7.2% in January and 9.5% over the year. On the other hand, starts for single-family homes dropped 2.8% from December and 6.5% over the year. Meanwhile, starts for buildings with five or more units surged 29.1% over the month and 56.9% over the year.

Housing completions increased 4.8% over the month but fell 7.5% over the year. Single-family home completions stepped down 1.0% from December and 3.3% from January 2025. At the same time, completions for buildings with five or more units jumped 16.2% but plunged 15.6% from one year ago.