Here's an eye-popping stat: U.S. homebuilding surged to a 13-year high in December. Activity increased across the board, suggesting the housing market recovery was back on track despite low mortgage rates.
Housing starts jumped 16.9 percent to 1.608 million units last month, which marks the highest level since December 2006. The percentage gain was the largest since October 2016. On top of that, data for November was revised higher to show homebuilding rising to a pace of 1.375 million units, up from 1.365 million.
Over the longer term, housing starts soared 40.8 percent on a year-on-year basis in December. For the entire year, an estimated 1.290 million housing units were started in 2019, up 3.2 percent compared to 2018.
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