Housing Starts rebound in January
The pace of single-family starts are up 25% compared to a disappointing December.
After a dramatic double-digit percentage decline in residential construction in December, the pace of housing starts in January jumped back up 18.6%.
The latest reading from the Commerce Department put the seasonally adjusted annual rate of total housing starts at 1,230,000. While that’s a big increase over the downwardly revised December figure, it’s also a 7.8% decline over the prior year figure.
Single-family housing starts in January were at a pace of 926,000 — 25.1% above the revised December figure of 740,000. Single-family starts were also up 4.5% for the year.
According to the report, issued Friday morning, building permits in January were at a seasonally adjusted annual rate of 1,345,000. This is 1.4% above the revised December rate of 1,326,000, but is 1.5% below the January 2018 rate of 1,366,000.
Click here for the full report from the Commerce Dept.
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