In this Thursday, Dec. 6, 2012, photo a new home is constructed in Pepper Pike, Ohio. US home construction surges 12.1 percent in December to end best year since 2008. (AP Photo/Tony Dejak)
WASHINGTON (AP) — U.S. builders started work on homes in December at the fastest pace in 4 ½ years and finished 2012 as their best year for residential construction since the early stages of the housing crisis.
The Commerce Department said Thursday that builders broke ground on houses and apartments last month at a seasonally adjusted annual rate of 954,000. That’s 12.1 percent higher than November’s annual rate. And it is nearly double the recession low reached in April 2009.
Construction increased last month for both single-family homes and apartments. And the pace in which builders requested permits to start more homes ticked up to a 4 ½ year high.
For the year, builders started work on 780,000 homes. That’s still roughly half of the annual Login to read more