Homebuilding activity in the United States fell by 4.5 percent month-over-month in January 2023, reports the US Department of Commerce.
Housing starts for January totalled a seasonally adjusted annualized rate of 1.309 million – the lowest since June 2020.
Nationally, single-family home starts fell by 4.3 percent to an annualized rate of 841,000 units. Construction permits for single-family homes also declined by 1.8 percent.
Multi-family housing starts saw the sharpest decline on a national basis – falling by 5.4 percent to 457,000 units.
Homebuilding activity varied by region at the start of the year, with the Northeast and Midwest seeing declines of 44.2 and 25.9 percent respectively. However, housing starts rose by 7.3 percent in the South and 5.5 percent in the West.