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Wednesday, April 17, 2024
HomeNewsEconomyHousing Starts, Building Permits Fall Unexpectedly in January

Housing Starts, Building Permits Fall Unexpectedly in January

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Homebuilders and construction in the housing market. (PHOTO: REUTERS)

The Commerce Department reported Wednesday housing starts fell 3.8% to an annual rate of 1.099 million in January, missing estimates for 1.170 million. Building permits, indicate future activity, came in at 1.202 million. Economists polled by Reuters estimated 1.200 million.

In January, single-family housing starts, which is the largest segment of the market, fell 3.9% to a 731,000-unit pace.

Building permits dipped 0.2% to a 1.202 million-unit rate last month. Permits for the construction of single-family homes fell 1.6% last month. Multi-family building permits increased 2.1%.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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