Housing Starts Rise More Than Expected in December

New York, NY, Jan. 19, 2017 -- New housing construction increased more than expected in December.

Housing starts rose by 11.3% at a seasonally adjusted annual rate of 1.226 million, according to the Commerce Department.

Single-family starts declined 4% to a 795,000 rate, while multifamily construction jumped 57.3% to 431,000.

However, building permits dipped 0.2% to a rate of 1.21 million.

Economists expected that housing starts rose by 9% at a seasonally adjusted annual rate of 1.188 million.