U.S. housing starts drop 10% in December

January 20, 2014

shutterstock_1104895612Housing starts in the U.S. dropped 10 percent in December, according to a report from our sister site Equipment World.

The decrease follows a 22.7-percent rise in home construction in November–the highest monthly gain in 24 months.

The figures come from new Commerce Department data, which show that home starts fell in December to a seasonally adjusted annual rate of 999,000 — 1.6 percent higher than a year ago.

Multi-family home construction fell 18 percent in December to 312,000, while single-family housing starts fell 7 percent to 667,000.

Building permits dropped 3 percent to a seasonally-adjusted annual rate of 986,000 — still a 4.6-percent increase over November 2012.

Single-family home permits were down 4.8 percent to a rate of 610,000, and multi-family permits fell 0.6 percent to a rate of 350,000.

Home completions were also down, falling 10 percent to a rate of 744,00 — 11 percent higher than a year ago.

Single-family home completions fell 8.2 to a rate of 550,000, while multi-family housing completions dropped 20 percent to a rate of 183,000.

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