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US housing starts, permits continue to fall in Jan

by ChemOrbis Editorial Team - content@chemorbis.com
  • 17/02/2016 (17:19)
According to data from the US Commerce Department, US housing starts declined 3.8% to an annualized rate of 1.099 million units in January from December’s downwardly revised 1.143 million units, falling below economists’ estimates, which called for a pace of 1.17 million units in a survey by Reuters. The slowdown in housing starts was attributed to winter weather conditions.

Meanwhile, building permits, an indicator of future construction, edged down 0.2% to an annualized pace of 1.202 million units in January. The decline occurred due to a fall of 1.6% in permits for single-family houses while permits for volatile multi-family houses climbed 2.1% in January.

Construction starts on single-family houses fell 3.9% to an annualized pace of 731,000 units from December while housing starts for multi-family houses declined 3.7% to an annual pace of 368,000 units.
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