Home Society Construction index sharply decreased

Construction index sharply decreased

The number of homes under construction in the United States fell by 11.2 percent in December compared to a month earlier. That was what the US Department of Commerce announced.

The construction amounted to nearly 1.08 million houses on an annual basis. Economists in general expected that housing construction would fall by 0.1 percent. In November, housing construction rose by 0.4 percent according to a new estimate.

As a result, housing construction dropped to the lowest level in more than two years. Lately there are more signs that the housing market in the US is cooling down. Incidentally, the publication of the figures was delayed due to the shutdown of the American government.

The ministry also announced that the number of building permits issued in December increased by 0.3 percent. Here economists predicted an average decrease of 2.6 percent.

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