RISMedia
Home-building overall stalled in January, but more permits indicate construction will pick up in the months ahead.
Single-family construction rose 1.9 percent in January to a rate of 823,000, up from 808,000 in December, according to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). Privately owned construction fell 2.6 percent to a rate of 1,246,000, down from 1,279,000 in December—though 10.5 percent higher than the January 2016 rate of 1,128,000.
“Today’s reported decline in housing starts and completions weren’t statistically significant, but the big increase in permits was a good sign that we are on track for more much-needed new construction in the months to come,” says Joseph Kirchner, senior economist at realtor.com®.
