US housing starts total 1.078 million in December, vs 1.250 million expected
Permits to build housing, an indicator of future activity, increased just 0.3 percent in December.A construction worker sets a floor truss in place that will support the second story of a home at a Lennar development in Doral, Florida.
The number of homes being built in December plunged to the lowest level in more than two years, a possible sign that developers are anticipating fewer new houses to be sold this year. The Commerce Department said Tuesday that housing starts fell 11.2 percent in December from the previous month to a seasonally adjusted annual rate 1.08 million. This is the slowest pace of construction since September 2016.
Over the past 12 months, housing starts have tumbled 10.2 percent. December's decline occurred for single-family houses and apartment buildings. Builders have pulled back as higher prices have caused home sales to slump, suggesting that affordability challenges have caused the pool of would-be buyers to dwindle.This story is developing. Please check back for updates.
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