New home construction hit a 13-year high, increasing almost 17% vs. the same period a year ago, according to the Department of Housing and Urban Development. In December, multi-family building starts were up 32% while construction of new single-family homes increased by 11%.
According to Robert Frick, corporate economist at the Navy Federal Credit Union, “ Today’s housing starts not only confirm the home building revival this year, but they double down on its magnitude.”