December Housing Starts Jump 5 Percent As Markets in Northeast and West Surge

Privately-owned housing starts in December hit a seasonally adjusted rate of 1.83 million, a 5 percent increase over the revised November estimated of 1.75million and a whopping 15.9 percent increase over the December 2001 rate of 1.58 million.

Single-family housing starts in December 2002 topped 1.47 million, a 4.9 percent increase above the November figure of 1.40 million. The December estimate for units in buildings with five or more units was 321,000 units. An estimated 1.70 million total housing units were started in 2002, a 6.4 percent increase over the 2001 figure of 1.60 million.

Building permits in December also showed increases. The seasonally adjusted December rate of 1.88 million was 8.2 percent above the November rate of 1.75 million and 10.5 percent above the December 2001 rate of 1.70 million.