U.S. Housing Starts Rose Unexpectedly In December

Jan. 18, 2007
But market is still off 18% from 2005.

Housing starts showed a surprise increase of 4.5% in December, according to new government figures Jan. 18. The number of housing starts spiked to a seasonally adjusted rate of 1.642 million units, the Commerce Department said.

Most economists had forecast that starts would fall to around 1.570 million units.

Despite December's month-on-month gain, starts were down a sharp 18% compared with December 2005 when starts were at 2.002 million units.

The number of new homes under construction fell 0.9% last month compared with November, as the number of freshly-painted properties being erected dropped to 1.255 million units

Other data in the report showed a continued decline in new home construction, but that building permits -- a leading indicator of future trends -- rose. Building permits gained 5.5% in December on the month to an annual pace of 1.596 million units.

Copyright Agence France-Presse, 2007

About the Author

Agence France-Presse

Copyright Agence France-Presse, 2002-2017. AFP text, photos, graphics and logos shall not be reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP shall not be held liable for any delays, inaccuracies, errors or omissions in any AFP content, or for any actions taken in consequence.

Sponsored Recommendations

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!