US home construction slows down in January
Construction begun on new housing fell slightly in January, driven by sharp declines in building in the US West and Midwest, the Commerce Department reported.
The slowdown was magnified by an upward revision to December’s already strong construction pace. But a second consecutive increase in permits for new home building indicates construction is poised to rebound. Housing starts fell 2.6 percent in January to an annual rate of 1.25 million units, with construction in the western United States plunging 41.3 percent and in the Midwest falling 17.9 percent. Analysts were expecting a bigger slowdown to 1.22 million units.
Construction started on single-family homes rose nearly 2 percent in January, while buildings with multiple units dropped eight percent, continuing the trend of month-to-month swings.