WASHINGTON — The level of housing starts rose 0.8% in January to a 1.012 million seasonally adjusted annual rate, a smaller gain than expected that reflects a rise in multifamily dwellings, data released Wednesday by the Commerce Department showed.
Single-family starts fell 5.2% in January, the 10th consecutive monthly decline. Multifamily starts rose 22.3% based on a Market News International calculation.
Analysts had expected a slightly larger rebound in total starts to a 1.020 million seasonally adjusted annual rate.
Building permits fell 3.0% to a 1.048 million rate in January, while homes permitted but not started rose 3.1%, an indication that builders are reluctant to break ground on new building.
Housing completions rose 1.8% to a 1.351 million rate, while those under construction fell 2.4%, again suggesting that builders continue to cut back on supply in the face of the large inventory overhang.
— Market News International