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Pace of home building surged 12% in December

Posted at 7:28 PM, Jan 17, 2013
and last updated 2013-01-17 19:28:00-05

(WTVR) – Builders started construction at an annual pace of 954,000 home last month, the Census Bureau reported, up more than 12% from November’s pace. That’s a nearly 37% leap from December of last year.

The reading smashed the 889,000 that economists surveyed by were expecting.

The Northeast saw a 19% increase in housing starts from November to December, as construction picked back up again after the storm put a halt to new building activity. Single-family housing starts also boosted December’s strong reading, rising more than 8% from November.

Applications for new building permits, which are seen as an indicator of builders’ confidence in the market, were little changed from November’s rate. But the annual rate of 903,000 reported in December is up 28.8% from last year’s level.