Economic figures released on Wednesday surpassed expectations in the US with Housing starts rising 1.4% in December to 1.70 million (annual).
Analysts at Wells Fargo point out a milder than usual weather allowed more construction to take place in what is normally a seasonally slow month.
Key Quotes:
\u201cHome building finished 2021 on a high note and appears to have strong momentum headed into the new year. Overall housing starts rose 1.4% to a 1.702 million-unit pace. Multifamily starts surged 13.7% during the month and accounted all of December’s increase. Single-family starts fell 2.3% but remains at a high level at a 1.172 million-unit pace. Milder than usual weather allowed work to begin on more projects than usual during December, which explains the stronger-than-consensus print in overall starts. The consensus estimate had called for a modest drop to a 1.65 million-unit pace.\u201d
\u201cWith the December data, we now have preliminary data for 2021. Home builders began construction on 1,595,100 homes in 2021, with single-family starts totaling 1,123,100 units. That marks the best year for single-family starts since 2006.\u201d
\u201cHousing permits, which tend to lead starts by 30 to 90 days, rose even more this past year. Overall permits jumped 17.2% in 2021 to 1.725 million. Single-family permits rose 13.4% to 1.111 million, while multifamily permits surged 24.9% to 614,000 units. The strength in permits suggests homebuilding is set for another strong year, even with rising mortgage rates. We expect overall starts to rise 4% to 1.660 million units. Inventories of new and existing homes remain near historic lows, while apartment vacancy rates recently fell to an all-time low.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Economic figures released on Wednesday surpassed expectations in the US with Housing starts rising 1.4% in December to 1.70 million (annual). Analysts at Wells Fargo point out a milder than usual weather allowed more construction to take place in what is normally a seasonally slow month.Key Quotes: \u201cHome building finished 2021 on a high note …<\/p>\n","protected":false},"author":13,"featured_media":46200,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[36],"tags":[8582,8580,7132,6858,8581],"class_list":["post-58643","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-market-updates","tag-apartment-vacancy-rates","tag-home-building","tag-housing-starts","tag-us-economy","tag-weather"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/58643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=58643"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/58643\/revisions"}],"predecessor-version":[{"id":58649,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/58643\/revisions\/58649"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/46200"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=58643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=58643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=58643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}