by: Jordan Rappaport
Single-family home permits moved up for the twelfth consecutive month in January 2024, cumulatively increasing 36 percent from a trough one year earlier. The number of single-family home permits in January, 1.02 million at an annual rate, was above its level just prior to the pandemic but well below its average during 2021.

Notes: Gray shading depicts National Bureau of Economic Research (NBER)-defined recession. Data series extends through January 2024.

Sources: U.S. Census Bureau (Haver Analytics) and NBER.

Single-family home permits moved up for the 12th consecutive month in January 2024, cumulatively increasing 36 percent from a trough one year earlier. The number of single-family home permits in January—1.02 million at an annual rate—was modestly above its level just prior to the pandemic in February 2020 but well below its average during 2021. With home prices at a historic high, single-family home construction is likely to continue to move up throughout 2024.

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Author

Jordan Rappaport

Senior Economist

Jordan Rappaport is a senior economist at the Federal Reserve Bank of Kansas City. He joined the Bank in 1999 following completing his Ph.D. in economics at Harvard University. J…