Housing Starts Finish 2019 Strong with December Increases in Both Single- and Multi-Family Sectors
Single-family housing starts increased 11.2% in December, while the multi-family sector jumped 29.8%.
Total housing starts increased 16.9% in December 2019 to a seasonally adjusted annual rate of 1.61 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department. This represents a 13-year high for housing starts.
The December reading of 1.61 million starts is the number of housing units builders would begin if they kept this pace for the next 12 months. Within this overall number, single-family starts increased 11.2% to a 1.06 million seasonally adjusted annual rate. The multi-family sector, which includes apartment buildings and condos, jumped 29.8% to a 553,000 pace.