The annual rate of construction for multifamily buildings increased 23 percent to 330,000 in December 2012, hitting a 4.5-year high. This marks the first time the monthly five-plus rate has been over 300,000 since the housing downturn affected the multifamily sector around June 2008. Furthermore, permit numbers in December were strong enough to indicate that the five-plus starts rate could remain healthy on a short-term basis.