The United States opened 2022 with fewer housing starts to bring the level down to its lowest in three months, even as more permits were issued during the period.
Source: US Census Bureau
XHB is up 0.57%, while ITB is down 1.01% premarket.
Privately-owned housing starts for January stood at 1.638 million, marking a 4.1% decline from December’s 1.708 million but 0.8% higher than the 1.625 million in January 2021. This is the lowest since October 2021’s 1.552 million.
Building permits for the month were at an annual rate of 1.899 million, 0.7% higher than the 1.885 million in December and 0.8% higher than the 1.883 million in January 2021.
Completions in January were recorded at 1.246 million, indicating a 5.2% decline from the 1.315 million in December and 6.2% higher than the 1.328 million recorded in the same month of the previous year.
Most of the housing starts for the month were for single units with 1.116 million, followed by houses with at least five units with 510,000.