Short answer. U.S. housing starts in 2024 totaled 1.36 million units — 931,000 single-family and 433,000 multifamily. That was down from 1.42 million in 2023 and well below the 2005 cycle peak of 2.07 million.
The U.S. Census Bureau's preliminary 2024 housing-starts data showed total private housing starts of approximately 1.36 million units — a modest decline from 2023's 1.42 million.
Single-family vs. multifamily
- Single-family starts: ~931,000 (up 7% YoY)
- Multifamily starts (5+ units): ~433,000 (down 24% YoY)
The split reflects the divergent dynamics in the two markets: single-family construction grew modestly as builders responded to the rate-lock-driven shortage of resale inventory, while multifamily construction collapsed as lender-driven financing tightened and apartment-developer sentiment weakened.
Building permits
Permits — the leading indicator that precedes starts by 1-2 months — totaled roughly 1.46 million in 2024, also down modestly from 2023 levels. Permits typically run slightly above starts, with the gap reflecting permitted projects that don't begin construction within the calendar year.
Long-view context
The 1.36M reading is well below the 1959-2007 average of 1.5M and far below the 2005 cycle peak of 2.07M. Cumulative under-building since 2008 (compared with the historical pace) has produced what analysts now consensus-estimate as a 3.7-7M-unit U.S. housing supply deficit.
Sources
U.S. Census Bureau Survey of Construction; National Association of Realtors Existing Home Sales report; Freddie Mac Primary Mortgage Market Survey; National Bureau of Economic Research Business Cycle Dating Committee.