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Economic

U.S. home construction falls 6% in January but permits up

The Associated Press
U.S. home construction falls 6% in January but permits up

WASHINGTON — U.S. home construction fell six per cent in January but applications for building permits, which typically signal activity ahead, rose sharply.

Last month’s decline pushed home and apartment construction down to a seasonally adjusted rate of 1.58 million units in January, compared with 1.68 million in December, the Commerce Department reported Thursday.

Single-family construction starts dropped 12.2 per cent while construction of apartment units rose 16.2 per cent.

Applications for building permits, considered a good sign of future activity, were up 10.4 per cent in January to an annual rate of 1.88 million units.

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