Construction: News from the National Association of Home Builders and U.S. Census
Though housing starts fell, which includes multifamily and single-family statistics, single-family permits are rising.
From U.S. Census
Housing Starts: Privately‐owned housing starts in January came in at a seasonally adjusted annual rate of 1,331,000, representing a drop of 14.8% from the revised December estimate of 1,562,000 and 0.7% lower than the January 2023 rate of 1,340,000.
Building permits: Privately‐owned housing units authorized by building permits in January reported a seasonally adjusted annual rate of 1,470,000, representing a drop of 1.5% below the revised December rate of 1,493,000, but 8.6% above the January 2023 rate of 1,354,000.
Housing Completions: Privately‐owned housing completions in January were at a seasonally adjusted annual rate of 1,416,000, a decline of 8.1% below the revised December estimate of 1,541,000, yet optimistically 2.8% above January 2023’s rate of 1,377,000.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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