New Residential Building Permits: Down 1.55% in December

The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for December new residential building permits. The latest reading of 1.33M was down 1.55% from the November reading and is below the forecast of 1.37M.

Here is the opening of this morning's monthly report:

Building Permits

Privately‐owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of
1,330,000. This is 1.6 percent below the revised November rate of 1,351,000 and is 29.9 percent below the December 2021 rate
of 1,896,000. Single‐family authorizations in December were at a rate of 730,000; this is 6.5 percent below the revised
November figure of 781,000. Authorizations of units in buildings with five units or more were at a rate of 555,000 in December. [
link to report]

Here is the complete historical series, which dates from 1960. Because of the extreme volatility of the monthly data points, a six-month moving average has been included.