U.S. Housing Starts Down 3.6% in January
February 19 2020 - 9:00AM
Dow Jones News
By Harriet Torry and Sarah Chaney
WASHINGTON--Construction of new U.S. homes fell in January,
although building permits for new construction hit a 13-year high,
the Commerce Department said Wednesday. Here are key takeaways from
the report:
--Housing starts, a measure of U.S. homebuilding, decreased 3.6%
in January from December to a seasonally adjusted annual rate of
1.567 million. Economists surveyed by The Wall Street Journal
expected starts would fall by 11.7% to an annual pace of 1.42
million.
--Residential permits, which can be a bellwether for future home
construction, rose 9.2% from the previous month to a seasonally
adjusted annual rate of 1.551 million. That was the highest level
since March 2007. Economists estimated they rose 1% to 1.43 million
permits.
-Monthly housing starts data are volatile and are often revised.
January's decrease in starts came with a margin of error of 13.3
percentage points. Housing starts in December were 1.626 million,
revised up from the previous estimate of 1.608 million.
--Starts were up 21.4% from January 2019, and building permits
rose 17.9% from the same month last year.
-Other indicators from the housing sector have been relatively
solid recently. A measure of U.S. home-builder confidence eased for
the second-straight month in February, to 74 from 75 in January,
but remained near a two-decade high, the National Association of
Homebuilders said Tuesday.
The Commerce report can be found at
http://www.census.gov/construction/nrc/pdf/newresconst.pdf
(END) Dow Jones Newswires
February 19, 2020 08:45 ET (13:45 GMT)
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