US housing starts unexpectedly rise in December
By Michele Maatouk
Date: Wednesday 19 Jan 2022
(Sharecast News) - US housing starts unexpectedly rose in December and building permits surged, according to figures released on Wednesday by the Commerce Department.
Housing starts rose by 1.4% from November's revised figure to 1.702m. Economists had been expecting a decline to 1.650m. November's figure was revised to 1.678m units from 1.679m.
Single‐family housing starts fell 2.3% to 1.172m from November's revised figure of 1.199m and building permits for future housebuilding surged 9.1% from November to 1.873m.
Capital Economics said: "Single-family starts edged back in December, but they saw a 12.1% y/y rise in 2021 overall as strong housing demand and a lack of existing homes for sale supported new home sales.
"Rising mortgage rates will cool demand in 2022, and material and labour shortages will be a constraint for some months yet. Nevertheless, tight markets mean builders will be keen to break more ground, and we expect a further rise in single-family starts to around 1.18m annualised by end-2022."
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