Wednesday, February 19, 2014

Housing Starts Slowed in January

New residential construction slowed somewhat in January, reaching an annual rate of 880,000 units, down from a revised 1,048,000 the previous month. The 16% decline from the previous month brings housing starts to slowest pace is last 4 months. Moreover, the pace of construction is down 2% from year-ago levels. The unusual number of winter storms in January likely contributed to the decline, as they delayed homebuilding.

Multifamily house starts led the decline at 16.3%, but single family wasn’t far behind, dropping 15.9% over the course of January. Multifamily is still above third quarter levels, while single family is well below.

Permit issuance declined 5.4% to an annual pace of 937,000 permits. On a brighter note, total housing completions rose 4.6Z%, after declining the month prior.

Read the Census report.

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