WASHINGTON (TheStreet) -- Homebuilders began construction on 14.6% more homes in January, better than expected, while applications for building permits dropped 10.4%.
The Commerce Department said early Wednesday that housing starts came in at a seasonally adjusted annual rate of 596,000 in January. The figure compares with a downwardly revised rate of 520,000 housing starts in December and came in better than the rate of 540,000 economists had expected, according to consensus estimates listed on Briefing.com. December's housing starts rate was originally reported at a pace of 529,000.
Applications for building permits dropped 10.4% to a seasonally adjusted annual rate of 562,000, much lower than the revised December rate of 627,000. December's building permits rate was originally reported at 635,000.
>To contact the writer of this article, click here: Miriam Reimer. >To follow the writer on Twitter, go to http://twitter.com/miriamsmarket. >To submit a news tip, send an email to: firstname.lastname@example.org.
>>See our new stock quote page. Get more stock ideas and investing advice on our sister site, Stockpickr.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV