January 2022 Residential Construction – US Census Bureau – Construction Solutions built for your Business

For January of 2022 the total number of permits issued for residential construction markets increased +0.7% from last month and +0.8% from this time last year. Single family housing permits were up +6.8% from last month however we see permits issued for SFH have fallen by -5.0% from last year. Multi-family permits are down -8.8% from last month and up +12.3% over the last year.

Over the past month we’ve seen total permits issued but not started increase by +4.9% with multi-family up +5.6% and single family up +3.3%From this time last year permits issued but not started have increased by +37.3%, of which multi-family housing permits issued but not started increased +43.7% y/y and +32.5% for single-family housing. This increase in permits issued but not started may be reflected in the fact that both the labor market and the materials market have been extremely tight due to ongoing macroeconomic factors.

When looking at new residential construction started we see a total decrease of -4.1% from last month and a decrease of -2.4% over the past year. This breaks down to a -5.6% decrease in single family starts month over month and down -2.4% year over year; multi-family construction also fell month over month down -2.1% but increasing +8.7% from January 2021. Total units under construction rose in January of 2022 by +1.4% from December 201 and +20.2% from last year. A +1.9% raise in single family units under construction from last month and a large increase of +26.8% from January 2021. Multi-family saw a similar situation with monthly data showing a +0.9% increase and a year/year increase of +13.9%

Data on completions shows a total decrease of -5.2% month over month and -6.2% year over year. Both the single family and multi family residential markets saw decreases from January ‘21. Single family completions are down -7.3% from December and -8.4% from last year. Multi-family completions are unmoved from last month and have only decreased by -0.6% from January of 2021.