Housing Starts, Permits Dip in December
Privately-owned housing starts took a 2.5% dip in December compared to revised November numbers. Building permits also slipped, coming in 3.9% below revised November numbers. However, both measurements are ahead of December 2014 numbers, with starts up 10.8% compared to year-ago numbers, and permits up 14.4% compared to 2014.
Though single-family starts fell 3.3% in December, they posted a yearly gain of 10.4 percent to 715,000 units, "in line with what our members are telling us that housing markets are improving, but lot and labor shortages continue to be a problem for many builders,” said NAHB Chairman Tom Woods, a home builder from Blue Springs, Mo. Find the association's press release on the numbers here.
“The gradual increase in housing production for 2015 mirrors our forecast and sets the stage for continued growth in 2016,” said NAHB Chief Economist David Crowe. “Strong job growth, rising consumer confidence and pent-up demand will keep housing on an upward trend.”
Single-family home construction permits increased 1.8 percent in December. An 11.4% drop in multi-family construction permits took the totals down for the month.
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