US housing starts fell 4.3 percent to an annualized rate of 529,000 in December. This is the lowest level since October 2009 providing further evidence that the economy continues to struggle to gain traction.
Ã¢â‚¬Å“While the economy appears to be gaining momentum, homebuilding remains stuck at low levels,Ã¢â‚¬Â said Aaron Smith, a senior economist at MoodyÃ¢â‚¬â„¢s Analytics Inc. Ã¢â‚¬Å“Home construction will revive slowly,Ã¢â‚¬Â and Ã¢â‚¬Å“job creation must pick up for the housing outlook to improve.Ã¢â‚¬Â
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