Housing starts in January were at a seasonally adjusted annual rate of 1.33 million according to the US Census Bureau and the U.S. Department of Housing and Urban Development.
January starts increased 10% from December with much of the gain being in multi-family construction (+24%) but single-family house construction also increased (+4%).
With this sharp rise, the US housing starts reached the highest annual rate since October 2016 (1.328 million).
With the much bigger than expected rebound, housing starts reached their highest annual rate since hitting 1.328 million in October of 2016.
Building permits also surged increased by 7.4 percent to an annual rate of 1.396 million in January.
The National Association of Home Builders association forecasts a 2.7% annual growth in housing starts to 1.25 million units in 2018.
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