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U.S.Economy: 
Housing Starts Decline 8.9%
Author: Ivaylo Dagnev
123jump.com
Last Update: 9:17 AM EST January 20 2006

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Analysts expected December housing starts would fall to a 2.04 million pace from 2.121 million in November. Building permits decreased 4.4% to an annual rate of 2.068 million in December from 2.163 million in November. For all of 2005, housing starts increased 5.6% to 2.065 million, the most since the record 2.356 million in 1972. Building permits increased 3.4% to 2.141 million in 2005.

 
The following is the unedited transcript of the news release from the U.S. Census Bureau of the Department of Commerce.


NEW RESIDENTIAL CONSTRUCTION IN DECEMBER 2005

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for December 2005:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 2,068,000. This is 4.4 percent (±0.9%) below the revised November rate of 2,163,000 and is 0.6 percent (±1.2%)* below the December 2004 estimate of 2,081,000. Single-family authorizations in December were at a rate of 1,637,000; this is 5.0 percent (±0.9%) below the November figure of 1,724,000. Authorizations of units in buildings with five units or more were at a rate of 347,000 in December. An estimated 2,141,200 housing units were authorized by building permits in 2005. This is 3.4 percent (±0.7%) above the 2004 figure of 2,071,100.

HOUSING STARTS

Privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,933,000. This is 8.9 percent (±8.6%) below the revised November estimate of 2,121,000 and is 5.7 percent (±8.1%)* below the December 2004 rate of 2,050,000. Single-family housing starts in December 2005 were at a rate of 1,577,000; this is 12.3 percent (±7.6%) below the November figure of 1,798,000. The December rate for units in buildings with five units or more was 322,000. An estimated 2,064,700 housing units were started in 2005. This is 5.6 percent (±1.9%) above the 2004 figure of 1,955,800.

HOUSING COMPLETIONS

Privately-owned housing completions in December were at a seasonally adjusted annual rate of 1,953,000. This is 3.8 percent (±9.4%)* above the revised November estimate of 1,882,000 and is 2.2 percent (±8.9%)* above the December 2004 rate of 1,911,000. Single-family housing completions in December 2005 were at a rate of 1,665,000; this is 3.8 percent (±9.8%)* above the November figure of 1,604,000. The December rate for units in buildings with five units or more was 245,000. An estimated 1,930,300 housing units were completed in 2005. This is 4.8 percent (±2.6%) above the 2004 figure of 1,841,900.





Available at: http://www.census.gov/indicator/www/newresconst.pdf
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