For Immediate Release | Jan. 17, 2025

Contact: Kristen Crossman
Email | Phone: (651) 697-7579

Compared to 2023 Permits, Single-Family Ends 2024 at up 6.6% Multi-Family Down 18.8%

[ST. PAUL, MINN.] The seasonally adjusted annual rate of housing units authorized in the United States ticked down 0.7 percent in December, according to the United States Census Bureau’s Building Permit Survey report released this morning. Compared to 2023, permit authorizations in the United States were down 2.6 percent in 2024, with multi-family permits down 18.8%. Single-family permits were up 6.6%

“The strength in single-family permits was not able to overcome the steep decline in multi-family activity in 2024,” said Nick Erickson, executive director of Housing Affordability Institute, a housing policy think tank. “With rates still high despite three Fed rate cuts, policymakers at the state and local level must look inward and focus on reducing the cost of housing.”

MONTHLY ACTIVITY

• Approximately 1,471,200 housing units received authorization through building permits, a 2.6% drop from 2023 (1,511,100 units permitted)
• Approximately 1,364,100 housing units were started in 2024, a decrease of 3.9% (compared to 2023 (1,420,000 starts)
• Approximately 1,627,900 housing units were completed, reflecting a 12.4% increase from 2023 (1,448,800 units completed)

MONTHLY ACTIVITY

Building Permits:

In December, the seasonally adjusted annual rate for privately-owned housing units authorized by building permits reached 1,483,000. This reflects a 0.7% decrease compared to the revised November figure of 1,493,000 and a 3.1% decline from December 2023’s rate of 1,530,000. Single-family housing permits were issued at a rate of 992,000 in December, a 1.6% increase from the revised November level of 976,000. Permits for buildings with five or more units were issued at a rate of 437,000 during the same month.

Housing Starts:

Privately-owned housing starts in December were recorded at a seasonally adjusted annual rate of 1,499,000. This represents a 15.8% jump (±14.4%) from the revised November estimate of 1,294,000 but is 4.4% lower (±11.3%)* than the December 2023 figure of 1,568,000. Single-family housing starts in December hit a rate of 1,050,000, up 3.3% (±10.9%)* from the revised November total of 1,016,000. The rate for buildings with five or more units was 418,000 in December.

Housing Completions:

Privately-owned housing completions in December were at a seasonally adjusted annual rate of 1,544,000, marking a 4.8% decline (±13.7%)* from the revised November figure of 1,621,000 and a 0.8% reduction (±13.0%)* compared to December 2023’s rate of 1,557,000. Single-family housing completions were reported at a rate of 948,000 in December, down 7.4% (±11.8%)* from the revised November rate of 1,024,000. The completion rate for buildings with five or more units stood at 570,000 in December.