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Cold weather chills US homebuilding; jobless claims at 45-year low

There were 794,000 single-family housing units completed in 2017, the most in nine years

Reuters  |  Washington 

US homebuilding fell more than expected in December, recording its biggest drop in just over a year, likely as unseasonably cold weather at the end of the month disrupted the construction of single-family housing units. The steep drop in groundbreaking activity probably will be temporary against the backdrop of a tightening labor market. Other data on Thursday showed the number of Americans filing for unemployment benefits dropped to a 45-year low last week. "Housing starts were held down by the cold winter weather but should bounce back quickly in coming months as the ...

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First Published: Thu, January 18 2018. 22:59 IST
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