Construction of Single-Family Homes Rises

Construction of new homes jumped 16.9% in December, the highest level it has been in 13 years.

 New Home Stats

According to The Commerce Department construction began on 1.61 million homes across the U.S. in December an increase of almost 17% from November. An annual increase of 3.2% from the previous year. While single family homes rose by 11.2%, apartment construction fell 9.6%. Construction was up 9.3% in the South, 19.8% in the West, 25.5% in the Northeast, and 37.3% in the Midwest.

Construction on the Rise

Since July, falling mortgage rates and a strong labor market have helped lift the housing industry. As well as an increased demand in housing, as unemployment rates have approached a half-century low. Building rates haven’t been this high since the last housing boom in December 2006.