Pursuits
Housing Starts in U.S. Unexpectedly Declined 2.5% in December
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New-home construction in the U.S. unexpectedly fell in December, indicating the industry lost some momentum entering 2016.
Residential starts declined 2.5 percent to a 1.15 million annualized rate, from the prior month’s revised 1.18 million pace, a Commerce Department report showed Wednesday. The median forecast in a Bloomberg survey called for an increase to 1.2 million. Permits, a proxy for future construction, also fell on fewer applications for multifamily projects.