Help us by filling out this quick price survey

Take Survey

Multi-family housing soared 13.7% and boosted U.S. homebuilding in December

Posted on January 24, 2022   |  

  • US homebuilding reached a nine-month high in December due to high multi-family housing projects and the housing starts grew by 1.4% to a seasonally adjusted annual rate of 1.702 million units in December, the highest level since March.
  • In December, the growth in home building is due to multi-family housing, it grew by 13.7% to 524,000 units. The single-family housing starts dropped 2.3% to a rate of 1.172 million units last month but soared in the Northeast and Midwest by unseasonably mild temperatures and in the South,  registered an 8.2% decline in single-family starts. 
  • The housing construction backlog surged to 1.1% to a rate of 270,000 in December due to supply strains, including labor shortages, and rising mortgages 
  • The housing permits for buildings with 5 units or more grew by 19.9% to 675,000 units and Single-family building permits rose 2.0% to a rate of 1.128 million units.