Economic Trends
Wholesale Inflation Cooled in October, but Core PPI Topped Expectations
November 13, 2026
Economic Trends
New Residential Construction Up in January
Privately‐owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of nearly 1.9 million.
Amid higher construction costs and rising interest rates, single-family housing starts have fallen to a two-year low, according to the National Association of Home Builders.
Privately‐owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,899,000, 0.75 above the revised December rate of 1,885,000 and 0.8% above the January 2021 rate of 1,883,000, according to the U.S. Census Bureau.
Single‐family authorizations in January were at a rate of 1,205,000, 6.8% above the revised December figure of 1,128,000. Authorizations of units in buildings with five units or more were at a rate of 629,000 in January.
Privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,638,000, 4.1% below the revised December estimate of 1,708,000 but 0.8% above the January 2021 rate of 1,625,000.
Single‐family housing starts in January were at a rate of 1,116,000, 5.6% below the revised December figure of 1,182,000. The January rate for units in buildings with five units or more was 510,000.
Privately‐owned housing completions in January were at a seasonally adjusted annual rate of 1,246,000, 5.2% below the revised December estimate of 1,315,000 and 6.2% below the January 2021 rate of 1,328,000.
Single‐family housing completions in January were at a rate of 927,000, 7.3% below the revised December rate of 1,000,000. The January rate for units in buildings with five units or more was 309,000.
