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Housing starts soared 12.1 percent in December, reaching a 954,000 annual rate and the fastest pace since June 2008, the Commerce Department reported. (AP Photo/File)

Building activity at fastest pace in four years

January 21, 2013 @ 8:45 am (Updated: 10:20 am - 1/21/13 )

Builders broke ground on new homes in December at the fastest pace in more than four years offering a "solid ending to 2012 and a promising start to 2013," according to the National Association of Home Builders.

Housing starts soared 12.1 percent in December, reaching a 954,000 annual rate and the fastest pace since June 2008, the Commerce Department reported. Most of the jump was attributed to a 20.3 percent increase in multifamily construction last month, helping the sector return to a nearly normal production pace by historical standards. Housing starts for single-family homes rose 8.1 percent in December.

"With inventories of new homes at razor thin levels, builders are moving prudently to break ground on new construction ahead of the spring buying season to meet increasing demand," said Barry Rutenberg, chairman of the National Association of Home Builders.

Permits for future home building - an indicator of future building - also rose slightly in December to its quickest pace since July 2008. Permits rose by the greatest amount in the Northeast by 19 percent and 6.6 percent in the West.

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  • FormerMarineSgt wrote...
    Yup. You right wing extremists were right...
    January 21, 2013 9:38 am
    Obama is sure destroying the economy alright. I guess this absolute lack of new home construction, home prices still falling and such are proof that you were right after all... Oh wait - you buggers were flat out wrong after all. Geee... What a non-suprise to those of us who actually use our brains to think with instead of merely parroting the hate that you're told to spew.
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  • longwayhome wrote...
    Construction spending
    January 24, 2013 7:08 pm
    Is on a roll. The Union Halls for Teamsters and Operating Engineers are at an all time high for hiring. The big projects require Union help and this is good news, bad news for the negative posters on this site. Sorry you guys, Unions are thriving, wages are excellent and the forecast for the next 10 years is nothing short of excellent. Hope all you non-union operators and drivers take this opportunity to join your Union of choice to take advantage of the wages and the benefits while you can.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • { "Thumbs Up":"1","Thumbs Down":"-1" }