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New Residential Construction Activity Dips in December

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The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau recently announced the following new residential construction statistics for December 2013:

Building Permits

Privately-owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 986,000. This is 3.0 percent (±1.1 percent) below the revised November rate of 1,017,000, but is 4.6 percent (±1.0 percent) above the December 2012 estimate of 943,000. Single-family authorizations in December were at a rate of 610,000; this is 4.8 percent (±1.1 percent) below the revised November figure of 641,000. Authorizations of units in buildings with five units or more were at a rate of 350,000 in December.

Housing Starts

Privately-owned housing starts in December were at a seasonally adjusted annual rate of 999,000. This is 9.8 percent (±10.7 percent)* below the revised estimate of 1,107,000 but is 1.6 percent (±11.9 percent) above the December 2012 rate of 983,000. Single-family housing starts in December were at a rate of 667,000; this is 7.0 percent (±8.7 percent) below the revised November figure of 717,000. The December rate for units in buildings with five units or more was 312,000.

Housing Completions

Privately-owned housing completions in December were at a seasonally adjusted annual rate of 744,000. This is 10.8 percent (±9.9 percent) below the revised November estimate of 834,000, but is 10.7 percent (±11.7 percent) above the December 2012 rate of 672,000. Single-family housing completions in December were at a rate of 550,000; this is 8.2 percent (±10.1 percent) below the revised November rate of 599,000. The December rate for units in buildings with five units or more was 183,000.

For more information, visit www.hud.gov.

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