U.S. homebuilding rebounded more than expected in December, suggesting that the housing market contributed to economic growth in the fourth quarter.
Housing starts jumped 11.3 percent to a seasonally adjusted annual rate of 1.23 million units last month, the Commerce Department said on Thursday. November’s starts were revised up to a 1.10 million-unit rate from the previously reported 1.09 million-unit pace.
Economists polled by Reuters had forecast housing starts increasing to a 1.20 million-unit rate in December.
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