Privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,226,000, 11.3% above the revised November rate of 1,102,000 and 5.7% above the Dec. 2015 rate of 1,160,000. Single-family housing starts in December were at a rate of 795,000, 4% below the revised November figure of 828,000. The December rate for units in buildings with five units or more was 417,000. An estimated 1,166,400 housing units were started in 2016, 4.9% above the 2015 figure of 1,111,800.
“This report represents firm growth for housing in 2016, as single-family starts rose 9% and multi-family production was down slightly,” NAHB Chief Economist Robert Dietz said in the press release. “We expect that 2017 will be another year of gradual, steady improvement in the housing market.”