Housing starts showed strength in December, while building permits grew slightly, according to the latest report from the Department of Housing and Urban Development and the Census Bureau.
Privately owned housing starts in December were at a seasonally adjusted annual rate of 1.226 million. This is 11.3 percent above the revised November rate and 5.7 percent above a year ago.
Single-family housing starts in December were at a rate of 795,000, 4 percent below November. For the year, an estimated 1.166 million housing units were started, up 4.9 percent from 2015.
Privately owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1.210 million. This is 0.2 percent below November, but 0.7 percent above a year ago. Single-family authorizations in December were at a rate of 817,000, up 4.7 percent from November. An estimated 1.186 million housing units were authorized by building permits in 2016, up 0.4 percent from 2015.
Privately owned housing completions in December were at a seasonally adjusted annual rate of 1.123 million, down 7.9 percent from November, but up 8.7 percent from a year ago. Single-family housing completions in December were at a rate of 761,000, down 0.9 percent from November. An estimated 1.062 million housing units were completed in 2016, up 9.7 percent from 2015.