Posted 2/16/2024, 6:45:40 PM
US Housing Starts See Steepest Monthly Drop Since Early Pandemic as Winter Weather Slows Construction
- US housing starts fell 14.8% in January 2022 compared to December 2021, the biggest monthly drop since April 2020
- The decline was likely due to inclement winter weather hampering construction
- Housing starts reached an annualized rate of 1.33 million units in January, down from 1.56 million in December
- Building permits, indicating future construction, dropped to 1.5 million annualized rate
- The Northeast region saw the biggest decline in housing starts, down 20% month-over-month due to winter storms