Housing starts and building permits fell in January.
The pace of starts fell 2.0% to an annualized rate of 1.065 million. This was a bit worse than the 1.07 million rate expected by economists.
Single family starts fell by 6.7%, while multi-family starts jumped 7.5%.
Despite the decline, the pace of starts is still pretty high.
"This is the fifth consecutive month with starts above the million mark," BNP Paribas' Bricklin Dwyer noted.
Building permits fell 0.7% to a rate of 1.053 million units. Economists were looking for a pace of 1.067 million units.
The unexpected decline in permits suggests starts will continue to be weak in upcoming periods.
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