New-home construction posted its largest percentage decrease since
April, a big fall after last month’s surge, the Commerce Department
reports. Housing starts dropped 9.8 percent in December to a seasonally
adjusted annual rate of just under 1 million units.
The drop follows a sharp rise in November, in which new-housing starts had accelerated to the fastest pace since February 2008.
Single-family home construction, which makes up the largest segment
of starts, dropped 7 percent in December to a seasonally adjusted annual
rate of 667,000 units. However, total single-family housing starts
still mark the highest monthly total in 2013, except for November.
Multifamily starts fell 14.9 percent for the month.
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