Housing starts sink 11% in last month of 2018, but rising permits point to rebound

Construction on new homes slowed dramatically in December, but a rebound in early 2019 seems to be in the cards.Construction on new houses sank 11% in December to a more than two-year low, but builders applied for more permits in a sign that a rebound is coming soon.

Housing starts tumbled to an annual rate of 1.08 million in the final month of 2018 from a revised 1.21 million in November,That’s the lowest level since September 2016. Economists polled by MarketWatch has expected starts to total 1.23 million. Even though new construction hit a lull in December, permits to build additional houses edged up 0.3% to a 1.33 million annual pace. It appears builders will break new ground at a faster pace in early 2019.Construction was flat in the Northeast and fell sharply everywhere else in the country. The biggest decline occurred in multi-dwelling projects of two units or more.

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Source: CNBC - 🏆 12. / 72 Read more »