U.S. homebuilding unexpectedly increased in December amid unseasonably mild temperatures, but soaring prices for materials could hamper activity.
U.S. homebuilding unexpectedly increased in December amid unseasonably mild temperatures, but soaring prices for materials after the government nearly doubled duties on imported Canadian softwood lumber could hamper activity in the coming months.
Housing starts rose 1.4% to a seasonally adjusted annual rate of 1.702 million units last month, the Commerce Department said on Wednesday. Data for November was revised slightly lower to a rate of 1.678 million units from the previously reported 1.679 million units.Permits for future homebuilding jumped 9.1% to a rate of 1.873 million units in December.
According to the National Association of Homebuilders, the aggregate cost of residential construction materials had increased almost 19% since December 2021. The NAHB said higher material costs and shortages were adding weeks to typical single-family home construction times.
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