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- U.S. housing starts tumble in December
U.S. housing starts tumble in December
The Commerce
Department reported on Tuesday the building permits issued for privately owned
housing units rose by 0.3 percent m-o-m in December to a seasonally adjusted
annual pace of 1.326 million, while housing starts tumbled by 11.2 percent
m-o-m to an annual rate 1.078 million, the lowest reading since September of
2016.
Economists had
forecast housing starts increasing by 0.5 percent m-o-m last month and building
permits falling by 2.8 percent m-o-m.
According to the
report, permits for single-family homes, the largest segment of the market, declined
2.2 percent m-o-m to 829,000 in December, while approvals for the multi-family
homes segment climbed 4.9 percent m-o-m to a 497,000 unit-rate.
In the meantime,
groundbreaking on single-family homes dropped 6.7 percent m-o-m to a rate of
758,000 units in December, the lowest level since August 2016, while housing
starts for the multi-family segment 20.4 percent m-o-m to a 320,000-unit pace.
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