United States Building Permits

Building permits in the United States surged 9.1 percent from a month earlier to a seasonally adjusted annual rate of 1.873 million in December 2021, the highest level since January and well above market expectations of 1.701 million, supported by an acute shortage of homes available for sale. Still, homebuilding activity is seen slowing in the coming months, amid rising mortgage rates, supply constraints and higher house prices. In addition, the US government nearly doubled duties on imported Canadian softwood lumber in November. The volatile multi-segment jumped 21.9 percent to a rate of 745 thousand in December and single-family authorizations advanced 2.0 percent to a rate of 1.128 million. Considering 2021 as a whole, building permits were estimated at 1.725 million, up 17.2 percent from 1.471 million in 2020.