Housing Bubble
Housing starts - highest since 1986
Housing starts
Privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,835,000, the highest since 1986, according to estimates reported today by the U.S. Commerce Department's Census Bureau. This is 5.0 percent above the revised November estimate of 1,747,000 and is 15.9 percent above the December 2001 rate of 1,583,000.
Single-family housing starts in December 2002 were at a rate of 1,473,000; this is 4.9 percent above the November figure of1,404,000. The December estimate for units in buildings with five units or more was 321,000.
An estimated 1,704,900 housing units were started in 2002. This is 6.4 percent above the 2001 figure of 1,602,700.
Building permits
Privately-owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,880,000,according to estimates. This is 8.2 percent above the revised November rate of 1,738,000 and is 10.5 percent above the December 2001 estimate of 1,702,000.
Single-family authorizations in December 2002 were at a rate of 1,401,000; this is 2.5 percent above the November figure of1,367,000. Authorizations of units in buildings with five units or more were at a rate of 405,000 in December.
An estimated 1,726,300 housing units were authorized by building permits in 2002. This is 5.5 percent percent above the 2001 figure of 1,636,700.
Building completions
Privately-owned housing completions in December were at a seasonally adjusted annual rate of 1,683,000, according to estimates released jointly today by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. This is 2.6 percent below the revised November estimate of 1,728,000 and is 1.3 percent below the December 2001 rate of 1,705,000.
Single-family housing completions in December 2002 were at a rate of 1,377,000; this is 2.6 percent below the November figure of 1,414,000. The December rate for units in buildings with five units or more was 275,000.
An estimated 1,650,700 housing units were completed in 2002. This is 5.1 percent above the 2001 figure of 1,570,800.
