U.S. total housing starts declined 14.3 percent in January as builders worked down their inventories of unsold homes, according to figures released by the Commerce Department. The pace of construction for the month slowed to seasonally adjusted annual rate of 1.408 million units. This was 37.8 percent below the January 2006 pace.
Single-family housing starts decreased 11.2 percent to a seasonally adjusted annual rate of 1.108 million units in January. This was 38.9 percent below the pace of single-family starts a year earlier. Multifamily housing construction was down 24.1 percent for the month to a seasonally adjusted annual rate of 300,000 units in January. The decrease followed a 34.4 percent increase in multifamily construction the month before.
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