US Housing Starts Decline While Building Permits Pick Up
- Construction of new homes fell on drop in single-family units
- Permits picked up, suggesting building will remain on uptrend
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Construction of new homes in the US fell for the first time in four months in December, dragged down by a drop in single-family home building.
Residential starts decreased 4.3% last month to a 1.46 million annualized rate, government data showed Thursday. Single-family home construction fell by the most since July 2022, following a surge in November, while multifamily projects rose to a five-month high.