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Housing starts decreased 8.2 percent to a seasonally adjusted
annual rate of 1.192 million units, the Commerce Department said
on Thursday. November's sales pace was revised up to 1.299
million units from the previously reported 1.297 million units.
December's percentage drop was the largest since November 2016.
Economists polled by Reuters had forecast housing starts
decreasing to a pace of 1.275 million units last month.
Homebuilding increased 2.4 percent to 1.202 million units in
2017, the highest level since 2007. December's moderation in
homebuilding is likely to be temporary amid strong demand for
housing that is being driven by a robust labor market.
Builders, however, continue to struggle with labor and land
shortages as well as more expensive lumber. A survey on
Wednesday showed confidence among homebuilders slipping from an
18-year high in January. Builders expected a dip in buyer
traffic and sales over the next six months.
Last month, single-family homebuilding, which accounts for the
largest share of the housing market, tumbled 11.8 percent to a
rate of 836,000 units. Single-family home construction fell in
the South, the Northeast and Midwest. It was unchanged in the
West.
Starts for the volatile multi-family housing segment rose 1.4
percent to a rate of 356,000 units. Building permits edged down
0.1 percent to a rate of 1.302 million units in December.
Building permits increased 4.7 percent to 1.263 million units in
2017, also the highest level since 2007.
Single-family home permits advanced 1.8 percent in December,
while permits for the construction of multi-family homes fell
3.9 percent.
(Reporting by Lucia Mutikani;
Editing by Paul Simao) ((Lucia.Mutikani@thomsonreuters.com; 1
202 898 8315;
Reuters Messaging: lucia.mutikani.thomsonreuters.
com@reuters.net))
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