Housing starts in January were at a seasonally adjusted annual rate of 1,326,000, +9.7% above the revised December estimate of 1,209,000 and +7.3% above the January 2017 rate of 1,236,000. Single-family housing starts in January hit 877,000, +3.7% above the revised December figure of 846,000. The January multi-family rate was 431,000, +19.7% above December.
“Demand for owner-occupied housing is rising due to favorable demographic tailwinds and a healthy labor market. Increases in after-tax incomes should help prospective buyers save for a downpayment on a home,” said NAHB chief economist Robert Dietz. “As consumers continue to enter the single-family market, we should see builders increase production to meet this demand.”
