U.S. Housing Starts Surge 15% in Late 2024: Signs of a Rebounding Market
The U.S. housing market closed 2024 on a high note, with housing starts rising an impressive 15% in December compared to the previous month. This spike has boosted the construction industry. It signals renewed confidence in real estate after a tough time with high interest rates and affordability concerns.
A Look at the Numbers
According to data released by the U.S. Census Bureau and the Department of Housing and Urban Development, the annualized rate of housing starts reached 1.7 million units in December 2024, up from 1.48 million in November.
Carl Harris, chairman of the National Association of Home Builders (NAHB), highlighted the significance of this growth. “The December numbers reflect a positive shift in builder sentiment and consumer demand.
Regional Highlights
The South emerged as the standout region for housing starts, accounting for nearly 60% of the national growth. States like Texas and Florida saw double-digit increases in new construction, driven by robust job growth and an influx of residents from other parts of the country.
The Midwest also showed surprising strength, with housing starts rising 12%, particularly in suburban areas around cities like Minneapolis and Indianapolis.
