| U.S. builders broke ground on more U.S. homes than forecast in December, representing the seventh straight yearly increase, according to a report issued from the Commerce Department.
Fast Stats ■ Housing starts increased by 11.3% to a 1.23 million annualized rate ■ The annualized forecast was for 1.19 million starts, revised up from a 1.10 million pace ■ Permits for single-family homes rose 4.7% ■ Permits for multifamily homes declined 9% ■ Starts rose from prior month in three of four U.S. regions; construction in the South was the only region in which there was a decline ■ For 2016, there were a total of 1.17 million starts, up from 1.11 million from 2015 and the most since 2007 ■ Single-family starts declined by 4% to 795,000 rate ■ Multifamily construction jumped 57.3% to 431,000 ■ According to the U.S. Commerce Report, builder confidence is close to an 11-year high ■ The housing starts is seen as being held back due to a shortage of skilled workers and available ready-to-build lots This report focusing on residential construction for the close of 2016 is seen as a sign that the industry will continue to move in a positive direction for 2017. |
