U.S.

New Residential Construction

by Eduardo Petazze
16/04/15
In 2014 the construction activity in the US represented 3.7% of GDP, production approach. Residential investment was 3.2% of GDP under the expenditure approach.
In 2014 permits for residential construction totaled 1.03 million compared to 0.99 million in 2013. By 2015 it is estimated that 1.08 million permits for new units will be required.
However, the growth rate for new homes started is expected to be disappointing. Of the 1.00 million new units started in 2014 (0.93 million in 2013), it is estimated that in 2015, 1.02 million new
units will begin.
Privately-owned housing units authorized by building permits in March 2015 were at a seasonally adjusted annual rate of 1,039,000 (-5.7% MoM). Housing starts were at a seasonally adjusted
annual rate of 926,000 (+2.0% MoM). Press release for the month of March 2015 pdf, 6 pages
The following is a summary table, including projections for the remainder of 2015
Building Permits (000) units

Housing Started (000) units

NSA
Date

Total

2006
1,838.9
2007
1,398.2
2008
905.4
2009
583.0
2010
604.8
2011
624.1
2012
829.7
2013
990.9
2014
1,032.9
2015
1,082.2
2016
1,134.2
Own estimate
Date

Total
Mar-13
77.7
Apr-13
92.8
May-13
97.2
Jun-13
85.7
Jul-13
90.2
Aug-13
87.1
Sep-13
83.1
Oct-13
92.5
Nov-13
73.5
Dec-13
77.8
Jan-14
67.2
Feb-14
70.6
Mar-14
84.5
Apr-14
97.1
May-14
92.0
Jun-14
94.0
Jul-14
95.4
Aug-14
88.7
Sep-14
91.1
Oct-14
96.9
Nov-14
71.8
Dec-14
83.6
Jan-15
70.0
Feb-15
77.5
Mar-15
90.9
Apr-15
97.0
May-15
99.4
Jun-15
99.0
Own estimate
Latest data

YoY

1 unit

-14.7% 1,378.2
-24.0%
980.0
-35.2%
575.6
-35.6%
441.1
3.7%
447.3
3.2%
418.5
32.9%
518.7
19.4%
620.7
4.2%
631.1
4.8%
654.2
4.8%
681.9

YoY
11.8%
44.8%
25.1%
12.9%
21.7%
8.9%
12.8%
19.4%
7.0%
15.8%
2.6%
4.1%
8.8%
4.6%
-5.3%
9.7%
5.8%
1.8%
9.6%
4.8%
-2.3%
7.5%
4.2%
9.8%
7.6%
-0.1%
8.0%
5.3%

SA
2 to 4 5 units
units or more
76.6
384.1
59.1
359.1
34.4
295.4
20.7
121.2
22.2
135.3
21.6
184.0
25.9
285.1
29.2
341.0
29.7
372.1
29.0
399.0
27.4
424.9

Total

YoY

1 unit

1,843.7
1,391.5
895.8
582.0
603.7
624.0
828.8
990.1
1,033.3
1,082.3
1,134.3

-14.6% 1,380.4
-24.5%
971.6
-35.6%
567.4
-35.0%
439.6
3.7%
448.0
3.4%
420.0
32.8%
520.0
19.5%
619.8
4.4%
631.6
4.7%
654.3
4.8%
681.9

NSA
2 to 4 5 units
units or more
77.2
386.1
59.4
360.5
34.2
294.3
20.8
121.7
21.8
133.8
21.7
182.3
25.8
282.9
29.0
341.3
29.5
372.3
29.0
399.0
27.4
424.9

NSA
SA
1 unit 2 to 4 5 units
Total
MoM 1 unit 2 to 4 5 units
51.7
2.2
23.8
926 -5.1%
605
26
295
60.2
2.4
30.2
1,040 12.3%
622
28
390
62.8
2.7
31.7
1,010 -2.9%
624
29
357
57.4
2.5
25.8
938 -7.1%
627
29
282
58.7
2.9
28.6
977
4.2%
616
30
331
58.0
2.4
26.7
948 -3.0%
631
25
292
50.5
2.5
30.1
993
4.7%
617
29
347
54.4
2.8
35.3
1,067
7.5%
625
30
412
43.8
2.0
27.7
1,037 -2.8%
645
27
365
40.2
2.4
35.2
1,022 -1.4%
617
30
375
42.3
1.9
23.0
974 -4.7%
618
29
327
41.9
1.7
27.0
1,014
4.1%
603
24
387
52.2
2.1
30.2
1,010 -0.4%
611
27
372
59.0
2.3
35.8
1,088
7.7%
612
27
449
59.2
2.5
30.3
1,002 -7.9%
617
30
355
61.4
3.6
29.0
992 -1.0%
639
38
315
60.1
2.6
32.7
1,037
4.5%
632
28
377
55.4
3.2
30.1
1,022 -1.4%
634
36
352
55.0
2.5
33.6
1,039
1.7%
641
27
371
56.0
3.2
37.7
1,102
6.1%
643
34
425
42.1
2.0
27.7
1,060 -3.8%
654
29
377
46.5
2.1
35.0
1,060
0.0%
675
25
360
43.5
1.7
24.8
1,060
0.0%
661
28
371
43.5
2.0
32.0
1,102
4.0%
623
29
450
57.1
2.1
31.7
1,039 -5.7%
636
25
378
61.0
2.2
33.8
1,095
5.4%
637
26
432
62.0
2.3
35.1
1,060 -3.2%
631
27
402
61.7
3.0
34.3
1,055 -0.5%
652
33
370

Date

Total

2006
1,800.9
2007
1,355.1
2008
905.5
2009
553.9
2010
586.9
2011
608.8
2012
780.6
2013
924.9
2014
1,003.3
2015
1,020.9
2016
1,042.5
Own estimate
Date

Total
Mar-13
83.3
Apr-13
76.3
May-13
87.2
Jun-13
80.7
Jul-13
84.0
Aug-13
80.4
Sep-13
78.4
Oct-13
78.4
Nov-13
83.8
Dec-13
67.6
Jan-14
60.7
Feb-14
65.1
Mar-14
80.2
Apr-14
94.9
May-14
92.5
Jun-14
87.3
Jul-14
101.0
Aug-14
86.2
Sep-14
94.2
Oct-14
92.0
Nov-14
75.8
Dec-14
73.4
Jan-15
73.0
Feb-15
63.6
Mar-15
77.4
Apr-15
91.0
May-15
96.1
Jun-15
94.1
Own estimate
Latest data

YoY

1 unit

-12.9% 1,465.3
-24.8% 1,046.1
-33.2%
622.0
-38.8%
445.0
6.0%
471.1
3.7%
430.5
28.2%
535.3
18.5%
617.7
8.5%
647.8
1.8%
660.7
2.1%
676.7

YoY
43.6%
14.2%
28.6%
8.0%
21.4%
16.5%
3.4%
1.8%
34.7%
7.0%
3.4%
-1.5%
-3.7%
24.4%
6.1%
8.2%
20.2%
7.2%
20.2%
17.3%
-9.5%
8.6%
20.3%
-2.3%
-3.5%
-4.1%
3.9%
7.8%

SA
2 to 4 5 units
units or more
42.9
292.7
31.7
277.3
17.4
266.1
11.3
97.6
11.6
104.2
10.9
167.4
11.4
233.9
13.4
293.8
13.6
341.9
17.2
343.0
22.2
343.6

Total

YoY

1,811.9
1,341.8
900.0
554.0
585.5
611.9
783.8
929.7
1,000.7
1,020.9
1,042.7

-12.6% 1,473.6
-25.9% 1,035.8
-32.9%
616.3
-38.4%
442.4
5.7%
471.4
4.5%
434.3
28.1%
537.0
18.6%
621.1
7.6%
646.2
2.0%
660.7
2.1%
676.8

NSA
1 unit 2 to 4 5 units
Total
52.5
2.1
28.7
994
55.3
1.2
19.8
848
57.9
1.0
28.3
915
60.9
1.0
18.8
831
57.4
1.6
25.0
898
56.5
1.1
22.8
885
51.0
0.9
26.5
863
49.2
0.9
28.3
936
50.9
0.7
32.2
1,105
42.5
1.4
23.7
1,034
38.6
0.6
21.5
897
40.6
0.7
23.8
928
54.6
1.1
24.5
950
60.8
0.8
33.3
1,063
60.9
0.8
30.8
984
60.9
1.7
24.7
909
61.3
1.4
38.3
1,098
58.0
1.5
26.7
963
58.3
1.2
34.7
1,028
58.4
1.6
32.0
1,092
47.3
0.7
27.8
1,015
48.1
1.5
23.8
1,081
46.4
0.4
26.2
1,072
40.8
0.6
22.2
908
52.5
1.7
23.2
926
60.4
1.5
29.1
1,019
62.7
1.3
32.1
1,016
64.8
1.6
27.7
978

MoM
4.5%
-14.7%
7.9%
-9.2%
8.1%
-1.4%
-2.5%
8.5%
18.1%
-6.4%
-13.2%
3.5%
2.4%
11.9%
-7.4%
-7.6%
20.8%
-12.3%
6.7%
6.2%
-7.1%
6.5%
-0.8%
-15.3%
2.0%
10.0%
-0.3%
-3.7%

1 unit

2 to 4 5 units
units or more
42.5
295.8
31.1
275.0
17.6
266.1
12.0
99.6
11.3
102.8
11.4
166.2
11.7
235.1
13.8
294.8
13.7
340.8
17.2
343.1
22.3
343.7

SA
1 unit 2 to 4 5 units
613
25
356
591
14
243
597
11
307
601
11
219
596
19
283
617
13
255
582
10
271
603
11
322
710
9
386
675
21
338
583
8
306
589
11
328
635
14
301
649
9
405
634
9
341
593
22
294
652
16
430
641
17
305
663
12
353
716
17
359
674
9
332
725
20
336
698
6
368
592
7
309
618
21
287
646
17
356
649
15
352
632
20
326