Total Housing Starts Drop 2.5% in December But Were Up 6.4% Year-Over-Year

The U.S. Census Bureau said privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,149,000, 2.5% below the revised November estimate of 1,179,000, but 6.4% above the December 2014 rate of 1,080,000.

Single-family housing starts in December were at a rate of 768,000, 3.3% below the revised November figure of 794,000.

“The gradual increase in housing production for 2015 mirrors our forecast and sets the stage for continued growth in 2016,” said David Crowe, chief economist for the National Association of Home Builders, NAHB), Washington, D.C. “Strong job growth, rising consumer confidence and pent-up demand will keep housing on an upward trend.”