The construction of new homes in the U.S. has increased dramatically in one year, as the U.S. Census Bureau reports over a 40 percent increase in housing construction starts between December 2018 and December 2019.
Overall, the start of new homes increased by nearly 17 percent last month between November and December, reaching a 13-year high of 1.61 million homes. This is the strongest number since the last housing boom in December of 2006.
Housing constructions have steadily increased since July, and experts point to falling mortgage rates and an increased demand connected to low unemployment rates. Construction rates were up most in the Midwest with a 37 percent increase from last year.