Notes: Gray shading depicts National Bureau of Economic Research (NBER)-defined recession. Data series extends through January 2024.
Sources: U.S. Census Bureau (Haver Analytics) and NBER.
Single-family home permits moved up for the 12th consecutive month in January 2024, cumulatively increasing 36 percent from a trough one year earlier. The number of single-family home permits in January—1.02 million at an annual rate—was modestly above its level just prior to the pandemic in February 2020 but well below its average during 2021. With home prices at a historic high, single-family home construction is likely to continue to move up throughout 2024.
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