WASHINGTON (AP) — Construction of new homes edged back slightly in January after a December surge that had pushed home construction to the highest level in 13 years. The Commerce Department reported Wednesday that builders started construction on 1.57 million homes at a seasonally adjusted annual rate, a decline of 3.6% from 1.63 million units in December. Economists had expected a slight pullback from the December surge, which was attributed in part to unseasonably warm weather which had allowed builders to start more construction projects. Application for building permits, considered a good sign of future activity, jumped 9.2% in January to an annual rate of 1.56 million units. Construction of single-family homes fell 5.9% to a seasonally adjusted annual rate of 1.01 million homes while construction in the smaller apartment category edged up 0.7% to 557,000 units.

Source: Daily Sun February 19, 2020 14:37 UTC