New Construction of Residential Building Rose 15%. In Economic news this week, new contruction of residential buildings rose in January more than expected, by nearly 15%. Housing starts are now to a 4-month high according to Forbes.
New construction of residential building rose the last 4-months by 15%. The surge was mostly due to a nearly 78% increase in mult-family dwellings, while single-family home starts actually dipped 1%. Building permits for future months, a leading economic indicator, actually fell 10.4% to a seasonally adjusted 562,000 units.
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