Housing Bubble

Housing Starts rise to highest level since 1986

February 19, 2003

Privately-owned housing starts in January were at a seasonally adjusted annual rate of 1,850,000, according to estimates released
jointly today by the U.S. Census Bureau and the US Department of Housing and Urban Development. This is 0.2 percent above the revised December estimate of 1,847,000 and is 8.0 percent above the January 2002 rate of 1,713,000. This is their highest rate since May 1986.

Single-family housing starts in January 2003 were at a rate of 1,510,000; this is 2.1 percent above the December figure of 1,479,000. The January estimate for units in buildings with five units or more was 303,000. The rate for single-family starts is the highest since November 1978.

Housing Completions

Privately-owned housing completions in January were at a seasonally adjusted annual rate of 1,592,000. This is 4.9 percent below the revised December estimate of 1,674,000 and is 0.9 percent below the January 2002 rate of 1,607,000.

Single-family housing completions in January 2003 were at a rate of 1,269,000; this is 5.9 percent below the December figure of 1,349,000. The January rate for units in buildings with five units or more was 276,000.

Building Permits

Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,781,000. This is 5.6 percent below the revised December rate of 1,887,000, but is 5.6 percent above the January 2002 estimate of 1,686,000.

Single-family authorizations in January were at a rate of 1,415,000; this is 0.3 percent (±0.9%) above the December figure of 1,411,000. Authorizations of units in buildings with five units or more were at a rate of 282,000 in January.

Source www.census.gov