New house-building projects dropped by 4.1% across the United States last month as builders continue to face supply chain constraints and surging material prices.
- Housing starts in January dropped to an annual rate of 1,638,000 from a December estimate of 1,708,800. That could be a signal that rising borrowing costs are affecting the sector.
- Single-family housing starts in January stood at 1,116,000, down 5.6% from the December revised figure of 1,182,000.
- House completions fell by 5.2%. Meanwhile, the number of building permits rose 0.7% during the month.
Single-family authorizations in January stood at 1,205,000, up 6.8% from December revised figure of 1,128,000.
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Source: US Census Bureau