Steel Markets
February 26, 2019
Housing Starts Plummet in December
Written by Sandy Williams
Housing starts plummeted 11.2 percent in December to a more than two-year low, signaling continued slowing in the housing market. Single-family starts fell 6.7 percent from November, while multifamily starts plunged 22 percent.
“Looking back, the December drop in housing production correlated with the peak increase in mortgage rates and corresponding decline in builder sentiment,” said National Association of Home Builders Chairman Greg Ugalde. “During that time, builders adopted a cautious wait-and-see approach as demonstrated in the rise of single-family and multifamily units that were permitted but not under construction.”
