Compared to historical norms, new construction starts are 75% back to normal, which is down from 77% (vs. normal) in November 2015 but still up from 70% (of normal) in December 2014.
Trulia chief economist Ralph McLaughlin notes that year-to-year, total starts are up 10.8% and, for buildings with five or more units, starts are up 12.5%. Here is the McLaughlin report on the top line take-aways:
- New housing starts in December were +6.4% year-over-year, and -2.5% month-over-month.
- Year-to-year, the numbers were great: 2015 totals were up 10.8% from 2014 for total starts, and up 12.5% for starts with 5 or more units.
- There was some regional variation in starts: the Northeast led the pack with +26.8% growth in 2015 over 2014 , followed by the West with 13.4% growth.