Jan 19, 2022 - Economy
Multifamily housing drives U.S. homebuilding to 9-month high
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Multifamily housing construction boosted U.S. homebuilding last month to a nine-month high.
The big picture: The construction and real estate industries are betting that homebuyers will settle for renting amid a shortage of homes and high prices.
By the numbers: Construction starts on buildings with five units or more rose about 14% from November to 524,000, the Commerce Department reported today.
- Compared to December 2020, that's up 56%.
- In contrast, starts on buildings with one unit fell 11% between December 2020 and December 2021.
