U.S. housing starts hit 13-year high

WASHINGTON — U.S. housing starts surged 16.9% in December to a seasonally adjusted annual rate of 1.608 million units, the highest since December 2006. The percentage gain was the greatest since October 2016. In a Reuters poll, economists forecast a SAAR of 1.375 million units. On a year-over-year basis, housing starts swelled by 40.8%. Building intentions on the other hand cooled, with permits down 3.9% to a rate of 1.416 million units. The decline comes after permits in November reached their highest level in more than 12 years.