Here come housing starts ...

home house constructionWorkers are shown building luxury single family homes in Carlsbad, California,Mike Blake/Reuters

The Commerce Department will release data on new housing construction during December at 8:30 a.m. ET.

Economists forecast that housing starts rose by 9% at a seasonally adjusted annual rate of 1.188 million, according to Bloomberg. They estimate that building permits rose by 1.1% at a rate of 1.225 million.

In November, home groundbreakings pulled back from the nine-year high hit in the prior month. Starts slowed the most - by more than half - in the Northeast and in buildings with five or more units.

"Starts have been volatile of late, likely as a result of swings in the weather," said Sam Bullard, a Wells Fargo economist, in a note.

"Housing permits have been a bit less volatile. With single-family starts running ahead of permits and the reverse true for multifamily, we expect some rebound in multifamily starts is likely in the coming months, while single-family may see a bit of a pullback."

More to come ...

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