Housing starts dropped in December, but were up for the year
U.S. housing starts fell 11.2 percent in December to a seasonally adjusted annual rate of 1.08 million units, according to a report from the U.S. Department of Housing and Urban Development and the Commerce Department that was delayed due to the partial government shutdown, the National Association of Home Builders said in a release. Multifamily starts fell 20.4 percent to a seasonally adjusted annual rate of 320,000 units while single-family production posted a 6.7 percent decline to 758,000 units. However, single-family and multifamily starts each posted a yearly gain. Single-family production was up 2.8 percent in 2018 to a rate of 872,800, the highest annual figure since the Great Recession. Multifamily starts posted a 5.5 percent gain in 2018 to 373,700 units.