U.S. housing starts and permits fell for a seventh consecutive month in January, according to a U.S. Commerce Department report. New-home production fell by 16.8% to a seasonally adjusted annual rate of 466,000 units, while permits for new housing construction fell 4.8% to a rate of 521,000 units. Both numbers were new record lows.
Single-family housing starts fell 12.2% in January to a record-low seasonally adjusted annual rate of 347,000 units, while multifamily starts fell nearly 28% to a rate of 119,000 units - also a record low. Regionally, starts plummeted nearly 43% in the Northeast and 29.3% in the Midwest. They also fell 12.8% in the South and 6.4% in the West.
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