Industry News

U.S. housing starts drop 38% in January

Building-permit authorizations slide 29% year-over-year

The rate of privately owned U.S. housing starts dropped about 37.8 percent in January compared to the same month last year, the U.S. Census Bureau and the Department of Housing and Urban Development reported today. The seasonally adjusted annual rate of new privately owned housing starts was about 1.41 million in January, down from 2.27 million in January 2006 and down 14.3 percent compared to the December 2006 rate of 1.64 million. The rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in activity. The agencies also reported that the rate of single-family housing starts was about 1.11 million in January, a 38.9 percent drop compared to January 2006. Privately owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of about 1.57 million, which is 28.6 percent below the January 2006 estimate. Single-family authorizations in January were at a rate of about 1.12 million, which is 32.6 percent b...