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Financial News: U.S. Housing Starts Pull Back Less Than Expected

U.S. Housing Starts Pull Back Less Than Expected In January

02/19/2020 - 08:47:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Wednesday showed a pullback in new residential construction in the U.S. in the month of January.

The Commerce Department said housing starts slumped by 3.6 percent to an annual rate of 1.567 million in January after soaring by 17.7 percent to a revised rate of 1.626 million in December.

Economists had expected housing starts to tumble by 11.4 percent to a rate of 1.425 million from the 1.608 million originally reported for the previous month.

Meanwhile, the report said building permits spiked by 9.2 percent to an annual rate of 1.551 million in January after sliding by 3.7 percent to a revised rate of 1.420 million in December.

Building permits, an indicator of future housing demand, had been expected to rise by 2.4 percent to a rate of 1.450 million from the 1.416 million originally reported for the previous month.

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