U.S. December Housing Starts Surge to 1.499 Million, Building Permits Fall 0.7%

Jan 17, 2025, 01:31 PM

U.S. housing starts for December rose to an annual rate of 1.499 million units, surpassing expectations of 1.327 million units and marking the highest level since February 2024. This represents a 15.8% increase from the previous month's revised figure of 1.294 million units. In contrast, building permits for December fell by 0.7% to an annual rate of 1.483 million units, which was less than the anticipated decline of 2.2% and slightly below the prior month's 1.493 million units. The surge in housing starts was primarily driven by a significant increase in multifamily starts, which jumped 59% month-over-month.