Housing Starts Significantly Exceed Projections
Housing starts surged in December to a seasonally adjusted annual rate of 1.499 million, beating the pre-report estimate of 1.33 million. This represents a robust 15.8% increase from November’s revised figure of 1.294 million, although it remains 4.4% lower year-over-year compared to December 2023’s 1.568 million.
Single-family starts showed modest growth at 1.05 million, rising 3.3% month-over-month, while multifamily starts came in at 418,000. For the entirety of 2024, housing starts totaled 1.364 million, a 3.9% decline from 2023.
Housing Completions Decline Month-over-Month
Housing completions in December dropped…
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