Housing Starts

## What this measures

Housing Starts counts the number of new privately-owned residential units that began construction each month, expressed as a seasonally adjusted annual rate in thousands. A start occurs when excavation begins for the footings or foundation; all units in a multifamily building count as started at that moment.

## Why it matters

Construction activity signals demand for building materials, labor, and financing, which ripples through supply chains and local economies. Housing starts also reflect developer confidence in future household formation and income growth. For organizations exposed to residential construction or consumer spending tied to new households, this series tracks a key driver of near-term demand.

## How to read it

Higher values mean more units entering construction, indicating stronger residential investment and future housing supply. Compare month-to-month changes to gauge momentum, and consider the annual rate to understand the pace relative to household formation. Sustained declines suggest tighter credit, weaker demand, or reduced builder confidence.

## What it does not say

This series does not distinguish single-family from multifamily units, nor does it report completions or sales. It does not capture units that began excavation but were later abandoned or delayed.

## Source

The Census Bureau publishes this monthly survey of building permits and starts. Palanor pulls the series from the FRED API (Federal Reserve Bank of St. Louis) nightly.