A slowdown in the pace of new apartment building underscores that it may be difficult for construction to hit new highs in 2017
By Laura Kusisto and Ben Leubsdorf | The Wall Street Journal
U.S. housing starts hit their highest level in nine years in 2016, but a slowdown in the pace of new apartment building suggests that it may be difficult for construction to hit new highs this year without a strong rebound in single-family home building.
Housing starts rose 11.3% in December to a seasonally adjusted annual rate of 1.23 million, the Commerce Department said Thursday. Permits, an indication of how much construction is in the pipeline, were down 0.2% to 1.21 million.
Economists surveyed by The Wall Street Journal expected starts to rise 10.1% in the final month of 2016 to 1.2 million and building permits to rise 2.5% to 1.24 million. Construction typically begins a month or two after a permit is issued.
