【World Property Journal】Building Permits in U.S. Surge to 13-Year High in January

According to the U.S. Housing and Urban Development and Commerce Department, total housing starts decreased 3.6 percent in January 2020 from an upwardly revised December 2019 reading to a seasonally adjusted annual rate of 1.57 million units. Meanwhile, overall permits surged to a 13-year high.

The January 2020 reading of 1.57 million starts is the number of housing units builders would begin if they kept this pace for the next 12 months. Within this overall number, single-family starts decreased 5.9 percent to a 1.01 million seasonally adjusted annual rate. The multifamily sector, which includes apartment buildings and condos, increased 0.7 percent to a 557,000 pace.

"The housing recovery continues, as single-family housing starts have surpassed 1 million for the second consecutive month and multifamily production has been running above 500,000 for the same period," said Dean Mon, chairman of the National Association of Home Builders. "Meanwhile, builder confidence remains solid as demand continues to pick up."
 

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