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According to U.S. Census Bureau data, District single-family permits (non–seasonally adjusted) rebounded in December, rising 16.2 percent on a year-over-year basis following a 2.7 percent decline the prior month. Improvements were noted across much of the District. Nationally, permits rebounded as well, increasing 14.9 percent compared with a 1.6 percent decline the prior month.
Seasonally adjusted single-family housing starts in the South improved in January, down 0.4 percent from December following a 3.7 percent decline the prior month. Starts measured year over year edged up in January, rising 28.5 percent following a 27.7 percent increase in December. Nationally, starts increased 1.5 percent on a month-over-month basis and increased 35.6 percent compared with a year earlier.
According to our informal survey of District homebuilders, construction activity remained weak but varied across the region in January. Most builders continued to report year-over-year and month-over-month declines in new home inventories. Overall, the outlook for construction activity softened a bit. Georgia builders' outlook improved from low levels while elsewhere in the District the outlook remained positive but dimmed a bit.
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