WASHINGTON — New housing starts jumped 14.6% to a seasonally adjusted 596,000 in January, the highest level in five months, as building permits dropped following a spike in December permits because of code changes in four states, the Commerce Department reported Wednesday.
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Building permits fell 10.4% to a seasonally adjusted 562,000.
Permits surged to 627,000 in December, revised lower from 635,000 permits reported last month.
Three states changed building code laws effective Jan. 1 that caused builders to rush into permits in December, according to Commerce. As a result, permits ebbed in January.
Economists had expected 540,000 starts and 570,000 building permits in January.
