U.S. December Housing Starts Surge to 1.499 Million Units, Driven by Multifamily Increase

Jan 17, 2025, 01:32 PM

U.S. housing starts for December surged to an annual rate of 1.499 million units, significantly exceeding expectations of 1.327 million units and marking the highest level since February 2024. This represents a month-over-month increase of 15.8%, well above the anticipated rise of 3.0%. Conversely, building permits for December fell by 0.7% to an annual rate of 1.483 million units, which was a smaller decline than the forecasted drop of 2.2%. The surge in housing starts was driven by a 59% month-over-month increase in multifamily starts.