Groundbreaking for new U.S. home construction slumped in January, sliding 16.8% to a seasonally adjusted annual rate of 466,000 units as building permits dropped 4.8% to an annual rate of 521,000 units, according to Commerce Department data released yesterday.
Thomson Reuters’ poll of economists had projected a 530,000 rate for starts and the same for permits.
The 16.8% decline in starts follows a 14.5% drop in December to 560,000 units. In December permits were down 11.1% to 547,000 units.