Single-family housing starts drop 16 percent

Single-family housing starts dropped 15.9 percent month over month in January to a seasonally adjusted annual rate of 573,000, from a downwardly revised December estimate of 681,000, and were down 2 percent from a year earlier, according to a monthly joint report released by the U.S. Census Bureau and the Department of Housing and Urban Development.

Several trade groups have blamed a slowdown in housing activity on unusually cold weather this winter.

Source: U.S. Census Bureau