US housing starts declined by more than 2% from December’s revised seasonally adjusted figure according to the US Census Bureau. The Bureau estimated January housing starts at 1.246 million compared to 1.279 million in December. Despite the drop from December, housing starts increased about 10% from the previous January.
The housing continues the healing it has experienced since overbuilding in the earlier part of last decade and the subsequent financial crisis scarred the building industry. Starts are currently approximately equal to their long-term average of about 1.3 million per month.
While a continued strong economy is buoying the industry, higher interest rates remain a threat to future demand.
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