Dec. Housing Starts Drop 4.3% to 529K
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Fewer U.S. homes were started by builders last month, a sign that the housing market will continue to hamper the economic recovery into the new year.
The Commerce Department reported Wednesday that housing starts in December fell 4.3 percent to an annual rate of 529,000.The report also showed that November's pace was revised down slightly from 555,000 to 553,000.
Economists had forecast a more robust reading of 550,000 for December.
For all of 2010, starts rose 6.1 percent from the prior year to 587,600, representing the second fewest on record dating back to 1959.
Construction of single family homes dropped 9 percent to a rate of 417,000 in December from the last month, the fewest since May 2009. Starts for multi-family homes rose 18 percent to an annual rate of 112,000, marking the first increase in four months.
The Commerce Department reported Wednesday that housing starts in December fell 4.3 percent to an annual rate of 529,000.The report also showed that November's pace was revised down slightly from 555,000 to 553,000.
Economists had forecast a more robust reading of 550,000 for December.
For all of 2010, starts rose 6.1 percent from the prior year to 587,600, representing the second fewest on record dating back to 1959.
Construction of single family homes dropped 9 percent to a rate of 417,000 in December from the last month, the fewest since May 2009. Starts for multi-family homes rose 18 percent to an annual rate of 112,000, marking the first increase in four months.
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