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Last Update: 19-Jan-12 09:58 ET
Housing Starts Decline, Single-Family Construction Remains Strong
Housing starts declined from 685,000 in November to 657,000 in December. The Briefing.com consensus expected starts to decline to 673,000.
Single family starts, which tend to be the most stable, increased from 450,000 in November to 470,000 in December. That is the largest number of single family homes started since the first-time homebuyer tax credit artificially boosted production in April 2010.
The increase in single family starts, however, did not boost the number of homes currently under construction. The number of homes under construction fell modestly from 235,000 to 233,000. That means the gain in starts was not an improvement in the single family construction sector. Instead, the boost was just enough to keep current construction levels constant.
Multifamily starts declined 13.0% from 215,000 in November to 187,000 in December.
Building permits declined slightly from 680,000 in November to 679,000 in December and were in-line with consensus expectations.
Single family starts, which tend to be the most stable, increased from 450,000 in November to 470,000 in December. That is the largest number of single family homes started since the first-time homebuyer tax credit artificially boosted production in April 2010.
The increase in single family starts, however, did not boost the number of homes currently under construction. The number of homes under construction fell modestly from 235,000 to 233,000. That means the gain in starts was not an improvement in the single family construction sector. Instead, the boost was just enough to keep current construction levels constant.
Multifamily starts declined 13.0% from 215,000 in November to 187,000 in December.
Building permits declined slightly from 680,000 in November to 679,000 in December and were in-line with consensus expectations.
