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Permits for private homes in US hit 14-month high

The number rose 4.6 percent
February 16, 2017 02:15PM

Housing construction

From the New York website: Permits filed in January for private homes across the U.S. soared to the highest level seen in 14 months, according to the latest data from the U.S. Department of Commerce.

The number of permits rose 4.6 percent to a seasonally adjusted annual rate of 1.285 million, the Wall Street Journal reported. Permits for multi-unit homes climbed 19.8 percent, while single-family permits dropped 2.7 percent.

Meanwhile, housing starts declined 2.6 percent nationwide. In the Northeast, the number of permits issued last month for privately-owned units rose 71.3 percent year-over-over.

An analysis by The Real Deal last month found that approved residential construction permits and new permit applications in New York City plunged in 2016. The city approved approximately 15,697 new units of housing across the five boroughs last year, a 70 percent drop from 2015’s 51,500 units. The number of permits surged in 2015 largely due to the pending expiration of 421a. [WSJ]  — Kathryn Brenzel