Housing starts for the month of January rose slightly, by 0.85%, to a seasonally-adjusted annual rate of 1.01 million. This data follows a downwardly revised 14.8% decline in the previous month. Economists' estimates were in-line with the Census Bureau report.
Single-family housing starts fell by 5.2% in the month, but starts on buildings with two or more units rose an astonishing 22.3%.
Regionally, the Northeast and the Midwest were hotspots for housing starts, with an 18.9% and 12% gain recorded for each. The South and the West, where the housing boom was the biggest, saw a decline of 2.9% and 6.2%, respectively.
Building permits, a sign of future construction, fell 3.0% in January. Permits fell to 1.08 million, its lowest level since November 1991.
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