For Immediate Release |Feb. 19, 2025

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

New Single-Family Permits Down 3.4% Compared To January 2024

[ST. PAUL, MINN.] The seasonally adjusted annual rate of housing units authorized in the United States increased 0.1 percent in January, according to the United States Census Bureau’s Building Permit Survey report released this morning. Compared to January 2024, however, new permits are down 1.7 percent, driven by a 3.4 percent year-over-year decrease in single-family permits.

“Clarity, predictability, and stability, along with affordability-centric policies, allow builders to deliver homes at more affordable price points,” said Nick Erickson, executive director of Housing Affordability Institute, a housing policy think tank. “It is sufficient to say these are in short supply at the moment. Rate stability, ideally at a lower rate, clarity on tariffs, and action at all levels of government can boost housing production at a time when it is needed.”

MONTHLY ACTIVITY

Building Permits

In January, the number of privately-owned housing units authorized by building permits reached a seasonally adjusted annual rate of 1,483,000. This marks a slight 0.1% increase from December’s revised figure of 1,482,000 but reflects a 1.7% decline compared to the January 2024 rate of 1,508,000. Single-family home permits remained steady at 996,000, showing no significant change from December’s revised total. Meanwhile, permits for buildings with five or more units were issued at a rate of 427,000 for the month.

Housing Starts

The seasonally adjusted annual rate for privately-owned housing starts in January stood at 1,366,000, reflecting a 9.8% decrease from December’s revised estimate of 1,515,000. This figure is also 0.7% lower than the January 2024 total of 1,376,000. Single-family housing starts dropped to 993,000, an 8.4% decline from December’s revised total of 1,084,000. The rate for multifamily units in buildings with five or more units was 355,000.

Housing Completions

January saw privately-owned housing completions reach a seasonally adjusted annual rate of 1,651,000. This represents a 7.6% increase from December’s revised total of 1,534,000 and a 9.8% rise compared to January 2024’s total of 1,504,000. Single-family home completions reached 982,000, marking a 7.1% increase from December’s revised figure of 917,000. Meanwhile, completions for buildings with five or more units came in at 652,000.

Source: United States Census Bureau’s Building Permit Survey