New home construction workers. (Photo: Reuters)
The Commerce Department said on Thursday housing starts in the U.S. came in at an annual rate of 1.226 million in December, beating estimates for 1.200 million. November’s starts were revised up to a 1.10 million-unit rate from the previously reported 1.09 million-unit pace.
Building permits, which are a sign of future activity, came in at 1.210 million, missing the estimate for 1.225 million. The new report, if accurate, indicates that the housing market contributed to economic growth in the fourth quarter (4Q).
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