US Housing Starts Fall to Cap First Annual Decline Since 2009
- Construction decreased 1.4% in December, dropped 3% in 2022
- Single-family homebuilding slid almost 11% last year
Residential starts decreased 1.4% last month to a 1.38 million annualized rate.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
New US home construction declined for a fourth-straight month in December, wrapping up a disappointing year for an industry that saw annual housing starts fall for the first time since 2009.
Residential starts decreased 1.4% last month to a 1.38 million annualized rate, a five-month low, according to government data released Thursday. New construction fell 3% in 2022 after surging the prior year. The December drop was due to a slump in multifamily projects.