Groundbreaking for new U.S. home construction increased 2.8% to a seasonally adjusted 591,000 in January as building permits decreased by 4.9% to 621,000, the Commerce Department reported yesterday.

Economists expected 580,000 housing starts and 620,000 building permits, according to the median estimate from Thomson Reuters.

Housing starts for December were revised up to 575,000 from 557,000 reported last month and building permits were unrevised at 653,000 for the month.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.