Housing construction in the U.S. jumps 16.9% in December

WASHINGTON, D.C. – Construction of new homes surged in December to the highest level in 13 years, capping a year in which falling mortgage rates and a strong labor market helped lift the prospects of the housing industry.

The Commerce Department recently reported that builders started construction on 1.61 million homes at a seasonally adjusted annual rate in December, up 16.9% from the November pace of homebuilding.