December 2021 Residential Construction – US Census Bureau

In December 2021 we saw an increase in housing units authorized by a total of +9.1% from November 2021. This was concentrated mainly in Multi-family housing units which saw an increase of +19.9% m/m. The single family market for permits declined -8.5% y/y from December 2020. Meanwhile multi-family permits rose +41.8% in the same time period.

Permits authorized but not started rose +1.1% from November 2021 and +44.4% from December 2020. This large rise is seen throughout the market with an increase of +38.5% and 43.5% in single family and multi-family respectively from December 2020. Single-family units authorized but not started fell -3.4% from November. Multi-family units authorized but not started saw a +15.2% increase month to month. Housing units started increased by +1.4% from November and +2.5% from December 2020. Single family unit starts fell -2.3% from last month and are down -10.9% year over year. Multi-family starts however increased by 13.7% from November and +56% from December of 2020.

Total units under construction saw a monthly increase of +2.3% while we see an increase of +20.2% year/year. Single family units and multi-family units both saw ~+2.5% increase in units under construction with single family units up 26.3% from last year and 

multi-family units up 14.3%. Total housing units completed are down -8.7% from last month and -6.6% for the year. Total completions are influenced by multi-family housing down -34.3% from November and down -28% for the year.