Construction on new U.S. homes fell 1.4% in December, the Commerce Department said Thursday
The numbers: Construction on new U.S. homes fell a seasonally adjusted 1.4% in December to 1.38 million, the Commerce Department said Thursday.
Economics... The numbers: Construction on new U.S. homes fell a seasonally adjusted 1.4% in December to 1.38 million, the Commerce Department said Thursday. Economics polled by the Wall Street Journal expected housing starts to drop to a 1.36 million rate from November’s initial estimate of 1.43 million.The annual rate of total housing starts fell from 21.8% from the previous year.In November, housing starts were revised to a drop of 1.8% of 1.4 million, as compared to a previous drop of 0.5%.Economists had expected building permits to fall to a 1.35 million rate from November’s initial estimate of 1.43 million.
Big picture: While rates are dropping and buyers are coming back on board, builders are still feeling gloomy overall about the future.This is likely to increase the shortage of homes in America.
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