New-home construction activity increases, amid a surge in building permits

Coming up: U.S. housing starts report for December

The numbers: U.S. home builders started construction on homes at a seasonally-adjusted annual rate of roughly 1.7 million in December, representing a 1% increase from the previous month, the U.S. Census Bureau reported Wednesday. Compared with December 2020, housing starts were up 2.5%.

Key details: The surge in permitting was driven by a 112% increase in the number of housing structures authorized in the Northeast. The Census Bureau explained the anomaly in a special notice with the housing-starts report: Philadelphia ushered in multiple changes to real-estate taxes for residential projects that are permitted after Dec. 31. Therefore, developers rushed to get permits approved ahead of that start date.

Similarly, the number of single-family homes that builders started construction on actually dropped by roughly 2% on a monthly basis. The overall increase in housing starts was driven by a nearly 14% gain in construction on multifamily projects.

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