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.
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