Although this month’s figure may initially look troubling, December is consitently a slow month for housing starts. Since 2000, December housing starts increased only three times: in 2002, 2004, and 2006. Excluding those positive three years, December housing starts decline an average of 5% each year with a median of 4%. The highest December decline was 14% in 2008; the lowest 1.2% in 2009. Thus, this December’s decline is below the average since 2000.
-From the St. Louis Federal Reserve