December Multifamily Slump Just 'Noisy Data,' Economist Says
Multifamily housing starts dropped 11.7% in December, data from the Commerce Department says, indicating lost momentum for the industry heading into the new year.
Total housing starts dropped 2.5% to 1.15 million annualized, down from 1.18 million in November. However, the three-month trailing average increased by 5.7% compared to November.
In fact, the real number to look at, Bob tells us, is the 17% year-over-year gain in multifamily construction. "The December reading is nothing more than a case of noisy data.”