WASHINGTON: U.S. homebuilding surged to a 13-year high in December as activity increased across the board, suggesting the housing market recovery was back on track amid low mortgage rates, and could help support the longest economic expansion on record.
Economists polled by Reuters had forecast housing starts would increase to a pace of 1.375 million units in December. Though a survey on Monday showed confidence among homebuilders dipped in January, it remained near levels last seen in mid-1999. Builders said they"continue to grapple with a shortage of lots and labor while buyers are frustrated by a lack of inventory, particularly among starter homes."
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