WASHINGTON - Total housing starts for 2003 increased to 1.848 million units, the highest in 25 years, the U.S. Department of Commerce reported. This was 8.4 percent above the number of starts for 2002. For December, home builders ramped up the pace of housing starts to a seasonally adjusted annual rate of 2.088 million units, a 1.7 percent increase over November's revised estimate of 2.070 million units.
"Builders completed an extraordinary year and remain upbeat about the strength of the market for the year ahead," said Kent Conine, president of the National Association of Home Builders (NAHB). "Builders continue to meet a robust demand fueled by low interest rates and solid house-price performance."