US Housing Starts Top All Forecasts on Multifamily Construction
- New residential construction increased nearly 16% in December
- Despite strong month, 2024 starts were lowest in five years
Homes in San Gabriel, California.
Photographer: Jessica Pons/BloombergThis article is for subscribers only.
Housing starts in the US climbed in December to the fastest pace since early 2024, reflecting a surge in multifamily projects and a more modest advance in one-family homes.
New residential construction increased nearly 16% to an annualized rate of 1.50 million, rebounding after a three-month slump, according to government data released Friday. The figure exceeded all estimates in a Bloomberg survey of economists.