US home building permits rises to 13-year high in December

US home building permits rose to a 13-year high during December with increased activity across all sectors, indicating that the housing market recovery that has returned to its path amid falling mortgage rates to contribute to supporting the longest economic expansion ever occurred.

Data released by the US Bureau of Labor Statistics showed that home construction in the United States increased by 16.9% to a seasonally adjusted annual rate of 1.608 million units in December, the highest level since December 2006.

US homebuilding increased by 40.8% year on year in December, an estimated 1.290 million housing units were created in 2019, up 3.2% compared to 2018, and building permits decreased 3.9% to an average of 1.416 million units in December.