U.S. housing starts fell 4.5% in January to lowest level since mid-2020
The numbers: Construction on new U.S. homes fell a seasonally adjusted 4.5% in January to 1.31 million, the Commerce Department said Thursday.
The drop was larger than what Wall Street expected. Economists polled by the Wall Street Journal expected housing starts to drop to a 1.35 million rate from December’s initial estimate of 1.38 million.The annual rate of total housing starts fell from 27.3% from the previous year. Permits for single-family homes fell 1.8% in January, while permits in buildings with at least five units rose by 0.5%.
Big picture: The housing starts data likely reflects builders’ subdued sentiment from back in January, when they were only slowly becoming confident that buyers would return.
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