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U.S. Housing Start Numbers Revised5 Jun 07Revised data show that housing starts nationwide were 0.3% (or 5,250 units) lower in 2006 than previously reported. While this number is low, many large states such as Texas, Florida, and California saw downward revisions that surpassed the national average. Every spring, the U.S. Census Bureau revises its housing starts data. The revisions begin with the March data of the current year and are revised back 27 months. Global Insight, in turn, estimates state-level housing starts based upon the regional totals that the Census Bureau releases. Nationally, housing starts were revised downward by 0.3% (or 5,250 units) for 2006. The revisions show a wide disparity between states, from 20.8% more starts for Vermont to 4.7% fewer for New Jersey. The map below shows the varied dispersion of revisions.
Vermont recorded the largest upward revision on a percentage basis, but since it issues relatively few total housing permits, a small revision in the number of permits that became housing starts was the cause. New Jersey logged the largest downward revision in percentage terms, because of a high number of permits that did not yield actual starts. Many Sunbelt states saw significant downward revisions. Three of the states with the most total housing starts had their 2006 totals lowered: Texas (down 1.7%), California (down 1.2%), and Florida (down 3.5%). Although housing permits across this region have soared over the last few years due to stratospheric demand, the revised data indicate that fewer of these permits actually became starts. Louisiana’s housing starts were raised by 11.5%, reflecting the rebuilding efforts following Hurricane Katrina. by Ron Thompson
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