New-home construction dropped in December to Lowest STI level in more Than a year as the feeble housing sector ended 2010 on a weak note. Private
building of new homes dropped 4.3% in December from a month to a seasonally adjusted Earlier annual rate of 529.000, the level of housing starts Lowest Since October 2009, the Commerce Department Wednesday Said. The Construction Industry Continues to stumble last year as Economic Growth events pick up and private-sector job creation returned. Housing starts ended the year 8.2% Below December 2009 and There's little sign building will pick up early this year.
"From What We've Heard from builders, they're not very hopeful for recovery in 2011," Said Mark Vitner, economist at Wells Fargo Securities.family housing Tend To Be volatile. Still, building new multifamily housing for WAS up 30.8% from the Same time a year ago.
On a more upbeat note for housing, Building Permits for all types of residential housing Were up 16.7% in December, Though part of the Increase Could stem from a change in building codes in states Certain That Went Into Effect in January, the Commerce Department said.
Write to Sara Murray at sara.murray @ wsj.comqtdz
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