U.S. new home construction fell 3.6% in January to a seasonally adjusted annual rate of 1.567 million units, according to www.cnbc.com.
Economists had expected housing starts to decrease to a pace of 1.425 million units in January.
Single-family starts fell 5.9% to 1.01 million units, and multifamily starts increased 0.7% to a rate of 557,000 units. Building permits rose 9.2% to a 1.551 million annualized rate—a near 13-year high.
Data for December 2019 was revised up from 1.608 million units to show homebuilding rising to a pace of 1.626 million units, the highest level since December 2006.
A recent survey showed confidence among homebuilders was near a two-year high in February. However, builders continued to complain “a shortage of construction workers and a dearth of lots are hindering the production of affordable housing in local communities across the nation.”
