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Thu Jan 17, 2013, 08:33 AM

Housing Starts Climb to Highest Rate Since June 2008 (12.1 Percent)

Source: Reuters

@Reuters: FLASH: U.S. housing starts up 12.1 percent in December, highest since June 2008

Housing starts climb to highest rate since June 2008

WASHINGTON | Thu Jan 17, 2013 8:35am EST

WASHINGTON (Reuters) - Groundbreaking to build new homes accelerated in December to its fastest pace in over four years, supporting the view that housing is poised to provide a substantial boost to the U.S. economy.

The Commerce Department said on Thursday that starts at building sites for homes surged 12.1 percent last month to a 954,000-unit annual rate.

Data for U.S. housing starts can be volatile and is sometimes subject to large revisions. The government revised downward its estimate for November housing starts to a 851,000-unit rate from the originally reported 861,000.

Some of the strength in December's reading for starts came from a 20.3 percent surge in multi-family unit construction. That component is especially volatile.

Read more: http://www.reuters.com/article/idUSBRE90F0YB20130117

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