Residential construction finished out 2020 much more
strongly than analysts had expected. The U.S. Census Bureau and Department of
Housing and Urban Development reported significant increases in both
residential permitting and housing starts in December
, the second month in a
row those numbers have grown. The numbers, however, took a hit in the
Northeast. Permits for privately funded construction were issued at
a seasonally adjusted annual rate of 1,709,000 units, an increase of 4.5
percent from the revised (from 1,639,000 units) rate of 1,635,000 in November. The
pace of permitting in December was 17.3 percent higher than the 1,437,000 units
estimated a year earlier.

 

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