U.S. housing starts drop 2.6% in January
Housing starts declined to a seasonally-adjusted annual rate of 1.25m from December's rate, which was revised up to 1.28m from 1.23m. Analysts had expected starts to come in at 1.23m.
On the year, housing starts were up 10.5%. Meanwhile, single-family housing starts were up 1.9% from December to 823,000.
Permits for new construction, which are a closely-followed gauge of future demand, rose 4.6% on the month to 1.29m, and were up 8.2% over the year. ■