Housing starts finish 2019 with a roar
With the U.S. economy cruising and mortgage rates remaining at low levels, housing closed out 2019 with a flourish and a 13-year high.
Housing starts in December soared 16.9% to a seasonally adjusted annual rate of 1.608 million from the revised November estimate of 1.375 million, according to the latest report from the Department of Commerce.
The latest figures are also 40.8% above the December 2018 rate of 1.142 million.
Single‐family housing starts in December were at a rate of 1.055 million, up 11.2% from the revised November rate of 949,000.
About 1,289,800 housing units were started in 2019, which is 3.2% above the 2018 figure of 1,249,900.
Residential building permits in December slipped 3.9% to a seasonally adjusted annual rate of 1.416 million from the revised November 2019 rate of 1.474 million - the highest level in more than 12 years. The latest permit report is also 5.8% above the December 2018 rate of 1.339 million.
Single‐family authorizations in December were at a rate of 916,000, about 0.5% below the revised November figure of 921,000.
The full Monthly New Residential Construction report for December 2019 can be viewed here.
Yesterday, the National Association of Home Builders reported that builder confidence remains strong and 2020 could be another strong year due to the need for inventory.
Housing starts in December soared 16.9% to a seasonally adjusted annual rate of 1.608 million from the revised November estimate of 1.375 million, according to the latest report from the Department of Commerce.
The latest figures are also 40.8% above the December 2018 rate of 1.142 million.
Single‐family housing starts in December were at a rate of 1.055 million, up 11.2% from the revised November rate of 949,000.
About 1,289,800 housing units were started in 2019, which is 3.2% above the 2018 figure of 1,249,900.
Residential building permits in December slipped 3.9% to a seasonally adjusted annual rate of 1.416 million from the revised November 2019 rate of 1.474 million - the highest level in more than 12 years. The latest permit report is also 5.8% above the December 2018 rate of 1.339 million.
Single‐family authorizations in December were at a rate of 916,000, about 0.5% below the revised November figure of 921,000.
The full Monthly New Residential Construction report for December 2019 can be viewed here.
Yesterday, the National Association of Home Builders reported that builder confidence remains strong and 2020 could be another strong year due to the need for inventory.