Home Building Rebounds

Home Building Rebounds

 

The pace of homebuilding rebounded in December, as the government's latest reading on the battered industry came in much stronger than expected, even as single-family home construction remained weak.

 

Housing starts jumped to an annual pace of 1.64 million last month from a revised 1.57 million rate in November as reported by the Commerce Department. Economists surveyed by Briefing.com had forecast a 1.57 million rate.

 

Building permits, seen as a measure of builder confidence, jumped 5.5 percent to an annual rate of just under 1.60 million from the nine-year low of 1.51 million in November. Economists had forecast permits would edge lower from the November reading.

 

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