Pace of new home construction accelerates to record, defying expectations for a decline.
January 21, 2004: 8:33 AM EST
NEW YORK (CNN/Money) - New home construction in the United States accelerated to a record pace in December, the government said Wednesday.
The Commerce Department said the pace of housing starts rose 1.7 percent to a seasonally adjusted annual rate of 2.09 million units, after rising a revised 3.9 percent to 2.05 million units in November. Economists, on average, expected housing starts to dip to a 1.95 million-unit pace, according to Briefing.com.
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