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Housing Starts Jump 14.6 Percent in January

Posted on 2/17/2011

Housing starts increased 14.6 percent in January to a seasonally adjusted annual rate of 596,000 units, the highest level since September, the Commerce Department reported yesterday. The increase was sparked by multifamily starts, which jumped 77.7 percent to an annual rate of 183,000 units.

Single-family housing starts, which account for 75 percent of the housing market, dropped 1 percent in January to an annual rate of 413,000. Building permits, an indicator of future housing construction, fell 10.4 percent to an annualized rate of 562,000.

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