U.S. New Home Starts Dip 9% in December

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Today the U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for December 2010:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 635,000. This is 16.7 percent (±2.1%) above the revised November rate of 544,000, but is 6.8 percent (±2.8%) below the December 2009 estimate of 681,000.

Single-family authorizations in December were at a rate of 440,000; this is 5.5 percent (±2.3%) above the revised November figure of 417,000. Authorizations of units in buildings with five units or more were at a rate of 172,000 in December.

HOUSING STARTS

Privately-owned housing starts in December were at a seasonally adjusted annual rate of 529,000. This is 4.3 percent (±14.1%) below the revised November estimate of 553,000 and is 8.2 percent (±14.4%) below the December 2009 rate of 576,000.

Single-family housing starts in December were at a rate of 417,000; this is 9.0 percent (±11.7%) below the revised November figure of 458,000. The December rate for units in buildings with five units or more was 102,000.

HOUSING COMPLETIONS

Privately-owned housing completions in December were at a seasonally adjusted annual rate of 585,000. This is 4.1 percent (±17.7%) above the revised November estimate of 562,000, but is 22.2 percent (±11.3%) below the December 2009 rate of 752,000.

Single-family housing completions in December were at a rate of 463,000; this is 5.5 percent (±15.3%) above the revised November rate of 439,000. The December rate for units in buildings with five units or more was 111,000.

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