- Prior month housing starts 1.246M
- Prior month building permits 1.411M
Housing Starts (December SAAR)
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1,404,000 total starts vs estimate of 1.309M
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+6.2% m/m (vs. 1,322,000 in November). Last month -4.6%
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-7.3% y/y (vs. 1,514,000 in Dec 2024)
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Single-family: 981,000 (+4.1% m/m)
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5+ units: 402,000
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2025 total starts: 1,358,700 (-0.6% vs. 2024)
Building Permits (December SAAR)
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1,448,000 total permits vs 1.400M estimate
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+4.3% m/m (vs. 1,388,000 in November) vs -0.3% last month
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-2.2% y/y (vs. 1,480,000 in Dec 2024)
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Single-family: 881,000 (-1.7% m/m)
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5+ units: 515,000
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2025 total permits: 1,425,200 (-3.6% vs. 2024)
Housing Completions (December SAAR)
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1,525,000 total completions
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+2.3% m/m
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-0.1% y/y
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Single-family: 1,023,000 (-0.1% m/m)
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5+ units: 483,000
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2025 total completions: 1,497,800 (-7.9% vs. 2024)
Housing starts measure when actual construction begins (foundation work started), while building permits reflect government approvals to build — making permits a leading indicator and starts a confirmation of activity. The data are released monthly by the U.S. Census Bureau and reported as a Seasonally Adjusted Annual Rate (SAAR) to smooth seasonal swings and express the pace as an annualized figure.
Markets follow the report because housing is a major driver of economic activity. Stronger permits suggest future construction momentum and builder confidence, while solid housing starts indicate real-time economic activity, including jobs and demand for materials. The single-family vs
