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- U.S. housing starts decline more than expected in January
U.S. housing starts decline more than expected in January
The Commerce
Department reported on Thursday the housing starts fell by 6.0 percent m-o-m in
January 2021 to a seasonally adjusted annual pace of 1.580 million, while
building permits surged by 10.4 percent m-o-m to a seasonally adjusted annual
rate of 1.881 (the highest level since May 2006).
Economists had
forecast housing starts decreasing to a pace of 1.658 million units last month
and building permits dropping to a pace of 1.678 million units.
Data for December
was revised to show homebuilding growing to a pace of 1.680 million units,
instead of increasing at a rate of 1.669 million units as previously reported.
According to
the report, permits for single-family homes, the largest segment of the market,
rose 3.8 percent m-o-m to a rate of 1.269 million units in January, while
approvals for the multi-family homes segment surged 28.0 percent m-o-m to a 557,000
unit-rate.
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