December Housing Starts the Fastest Since June 2008

The National Association of Home Builders (NAHB) reported last week that housing starts in December grew at their fastest pace since June 2008. Nationwide, single-family and multi-family housing starts rose by 12.1%, or 954,000 units, over November 2012 housing starts. Single-family starts rose by 8.1% while multi-family starts jumped 23.1%. “Combined single-family and multifamily starts activity was up across all regions in December. The Northeast posted a gain of 21.4%, the Midwest was up 24.7%, the South posted a 3.8% increase and the West was up 18.7%.”

Even though the largest increase in housing starts was attributed to multi-family housing, analysts believe that residential construction boosted the economy last year and anticipate home building to further contribute to the economy in 2013.

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