A mixed January for residential construction(Read article summary)
Residential construction permits rose in January, but total residential construction starts declined, according to the New Residential Construction Report.
Today’s New Residential Construction Report showed mixed results for January with increases for single family permits and starts but a notable 8.5% monthly decline for total starts.
Single family housing permits, the most leading of indicators, rose 1.9% from December to 584K single family units (SAAR), and increased 29.2% above the level seen in January 2012 but still remained an astonishing 67.52% below the peak in September 2005.
Single family housing starts increased 0.8% from December to 613K units (SAAR), and rose 20.0% above the level seen in January 2012 but still remained 66.37% below the peak set in early 2006.