New-home construction jumps to 13-year high
The numbers: Builders started construction on new homes in the U.S. at a pace of 1.61 million in December, the Commerce Department said Friday. This represented a 17% increase from a revised 1.38 million in November and was 41% higher than a year earlier.
While permitting activity did slowdown from the pace set in October and November, it nonetheless remained quite elevated. Coupled with the rising sentiment among home builders and low mortgage rates, this suggests that construction activity will remain elevated at least through the first quarter of 2020.
Land is another roadblock — land prices are at historic highs, making it costly for builders to purchase parcels to develop.
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