New Construction Slows in December: Construction on new U.S. homes fell in December, pulling back after a November surge, but the whole of last year had the strongest showing since 2007, according to government data released Friday The U.S. Commerce Department said construction on new U.S. homes dropped 9.8% in December to a seasonally adjusted annual rate of 999,000, as starts slumped for single-family homes and apartments. Despite December’s decline, home-construction starts for all of 2013 hit 923,400 — the highest annual total since 2007 — pointing to the housing market’s continued recovery last year “There has been a newfound urgency to beef up what have been skimpy inventories of new homes for sale,” said Stephen Stanley, an economist at Pierpont Securities. “In short, builders are eager to get more homes started now because they expect the buyers to come out in force in the spring.”
Posted on: Wed, 22 Jan 2014 23:38:06 +0000
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