Strong Housing Market Gains in 2015
Permits, Starts, Completions All Climb
The residential construction industry did quite well in 2015, when stats for the entire are compared to the same categories in 2014.
An estimated 1,111,200 single-family and multifamily housing units were started in 2015, a 10.8 percent hike over the 2014 figure of 1,003,300, the U.S. Census Bureau said in its December residential construction report.
A total of 1,149,000 single-family and multifamily housing starts were recorded in December, a pace that is 2.5 percent below November's 1,179,000 units, but 6.4 percent higher than the 1,080,000 units in the same month of 2014.
Separately, single-family housing starts in December came in at 768,000 units, which is 3.3 percent below the November figure of 794,000 units.
The December rate for units in buildings with five units or more was 365,000, representing a decline of 3.4 percent versus November, but an increase of 8.6 percent year-over-year.
Roughly 1,178,400 building permits were issued for all single-family and multifamily units in 2015. This is 12.0 percent above the 2014 figure of 1,052,100.
Approximately 1,232,000 permits were approved for all housing types in December, a drop of 3.9 percent compared to the 1,282,000 units in November, but a 14.4 percent increase over 1,077,000 units in December 2014.
There were 740,000 permits single-family permits in December, which is 1.8 percent above the November figure of 727,000, and 8.0 percent higher than the 685,000 units in December 2014.
Permits issued to buildings of five units or more came in at a rate of 455,000 in December. This is a decline of 13.5 percent month-over-month, but a 23.6 percent jump compare to December 2014.
An estimated 965,700 single-family and multifamily units were completed in 2015. This is 9.3 percent above the 2014 figure of 883,800 units.
A total of 1,013,000 single-family and multifamily housing units were completed in December. This represents a 5.6 percent improvement over the 959,000 units in November, and is also 7.9 percent above the December 2014 rate of 939,000.
Single-family housing completions in December were at a rate of 696,000. This is 8.8 percent better than the November rate of 640,000 units.
The December rate for buildings with five units or more was 307,000, which is 0.3 percent higher than November, and a 14.6 percent increase year-over-year.
Housing markets continue to improve, the National Association of Home Builders said, citing the 10.8 percent increase in total housing starts in 2015, compared to all of 2014.
"These numbers are in line with what our members are telling us that housing markets are improving, but lot and labor shortages continue to be a problem for many builders," said Tom Woods, NAHB chairman.
"The gradual increase in housing production for 2015 mirrors our forecast and sets the stage for continued growth in 2016," said David Crowe, chief economist for the NAHB. "Strong job growth, rising consumer confidence and pent-up demand will keep housing on an upward trend."
On a regional basis, combined single-family and multifamily starts fell 12.4 percent in the Midwest, rose 24.4 percent in Northeast, dropped 3.3 percent in the South, and declined 7.6 percent in the West.