U.S. Housing Starts Surge to 1.499 Million in December, Driven by 59% Rise in Multifamily Starts

Jan 17, 2025, 01:32 PM

U.S. housing starts for December surged to an annual rate of 1.499 million units, surpassing the expected 1.327 million units and marking the highest level since February 2024. This represents a 15.8% increase from the previous month, which was significantly higher than the anticipated 3.0% rise. 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 2.2% drop. The previous month's building permits were reported at 1.493 million units. The surge in housing starts was driven by a notable increase in multifamily starts, which rose by 59% month-over-month.