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New Residential Construction in January 2013

by Chicago Agent

Construction spending exceeded expectations in November, growing 1.2 percent.

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced January 2013 residential construction statistics:

BUILDING PERMITS 

Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 925,000.  This is 1.8 percent above the revised December rate of 909,000.

Single-family authorizations in January were at a rate of 584,000; this is 1.9 percent above the revised December figure of 573,000.  Authorizations of units in buildings with five units or more were at a rate of 311,000 in January.

HOUSING STARTS 

Privately-owned housing starts in January were at a seasonally adjusted annual rate of 890,000.  This is 8.5 percent below the revised December estimate of 973,000, but is 23.6 percent  above the January 2012 rate of 720,000.

Single-family housing starts in January were at a rate of 613,000; this is 0.8 percent above the revised December figure of 608,000. The January rate for units in buildings with five units or more was 260,000.

HOUSING COMPLETIONS 

Privately-owned housing completions in January were at a seasonally adjusted annual rate of 724,000, 6 percent above the revised December estimate of 683,000.

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