2019 ended with an estimated 1,250,600 housing units completed, pleasing home builders.US Census Bureau
Housing Starts soared in December 2019, with 11.2% new homes planned nationwide. This is providing some sense of comfort for home builders, big and small, with increased confidence in the industry.
Nationally, the number of single-family starts continued to rise quickly in November 2019, up in a three-month average and a post-recession high.
Better yet, the US Census Bureau forecasts even more, small, monthly gains in housing starts in the months ahead.
In fact, the uptick is mostly attributed to lower mortgage interest-rates.
Deeper into the Numbers
Looking at the numbers Region by Region, we see some big differences between December 2018 and December 2019.
- Single-family starts are down 14.9% in the Northeast, the only region with net losses during 2019.
- Up 17.3% in the Midwest.
- The South experienced a positive gain last year at 12%.
- In the West, numbers were up 11.4%, year over year.
Not surprisingly, land availability and politics are a key-factor explaining these regional differences for home builders.
Show Prep Source: https://www.census.gov/construction/nrc/pdf/newresconst.pdf