Nationwide housing starts decreased 3.8 percent to a seasonally adjusted annual rate of 1.099 million units in January compared with December’s rate of 1.143 million, according to the U.S. Census Bureau.
"Despite the modest dip in starts this month, we expect to see ongoing, gradual growth in housing production in 2016," said David Crowe, chief economist for the National Association of Home Builders, in a statement. "An improving economy, solid job creation and pent-up demand for housing should keep the market moving forward."
Single-family housing starts decreased 3.9 percent to a seasonally adjusted annual rate of 731,000 in January compared with December’s rate of 761,000.
Combined single- and multifamily housing starts dropped in all four regions in January. The West, South, Northeast and Midwest reported losses of 0.4 percent, 2.9 percent, 3.7 percent, and 12.8 percent, respectively.
