January chills housing starts
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U.S. housing starts in a snowy January fell a sharper-than-expected 7.9% to their lowest since August.
Residential construction starts tumbled last month to a seasonally adjusted annual rate of 1.903 million from a downwardly revised 2.067-million rate in December, the Commerce Department said Wednesday. December housing starts had been at the highest level since February 1984.
Permits, an indicator of builder confidence, declined 2.8% to 1.899 million units from a 1.953-million rate in December. The drop was in line with analyst expectations.
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