Housing Starts Fell in January

According to newly-released figures from the Census Bureau and the U. S. Department of Housing and Urban Development (HUD), housing starts fell 16 percent to a seasonally adjusted annual rate of 880,000 units in January, reports the National Association of Home Builders (NAHB). Of these, single-family housing starts accounted for 573,000 units, a decline of 15.9 percent, while multifamily comprised 307,000 starts, falling 16.3 percent. Says NAHB Chief Economist David Crowe, “Though the decline in starts is largely weather related, it is worth noting that on the upside housing production for the fourth quarter was above 1 million for the first time since 2008 while single-family permits held relatively steady.” Single-family permits, seen as a measure of future activity, dropped 1.3 percent, as MHProNews.com has learned. ##

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