Housing Starts Up 2.8%; Permits Decline 4.9%

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.

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