Privately-owned housing starts in December 2024 reached a seasonally adjusted annual rate of 1.5 million units, marking a 16% increase from November's 1.3 million units, as reported by the U.S. Census Bureau and the Department of Housing and Urban Development. However, this reflected a 4% decline compared to the 1.57 million units recorded in December 2023. Single-family housing starts rose to 1.05 million units in December, a 3% monthly increase from November's revised figure of 1.02 million units. Multi-family housing starts, which include buildings with five units or more, surged 59% from November to 418,000 units.

For the full year, an estimated 1.36 million housing units were started in 2024, down 4% from the 1.42 million units started in 2023. Despite the annual decline, single-family starts showed resilience, growing 7% to 1.01 million units in 2024. However, the multi-family sector experienced a steep decline, dropping by 27% to 337,000 units compared to the previous year.

In December, the South accounted for the highest number of housing starts at 853,000 units, unchanged from November but down slightly from December 2023. The West followed with 285,000 units, reflecting a 7% increase over the previous month. The Northeast recorded the largest monthly percentage increase, with starts rising 40% to 157,000 units. Meanwhile, the Midwest saw a slight decline, with starts decreasing 1% to 204,000 units.

Building permits for privately-owned housing units in December 2024 stood at a seasonally adjusted annual rate of 1.48 million, representing a 1% decrease from November’s revised rate of 1.49 million and a 3% decline from December 2023. Single-family permits grew by 2% month-over-month to 992,000, while permits for units in buildings with five units or more decreased by 6% to 437,000.

Housing completions in December reached 1.54 million units, down 5% from November's 1.62 million units and 1% below the December 2023 figure. Single-family completions decreased 7% month-over-month to 948,000 units, while completions of multi-family units declined slightly to 570,000 units.