US housing starts dive 14.8% in January to lowest since August 2023

By Ovunc Kutlu

ISTANBUL (AA) - US housing starts plummeted 14.8% in January from the previous month, diving to their lowest level since August last year, according to data released Friday.

Housing starts, which measure the change in the number of new residential buildings beginning construction, stood at 1.331 million, according to the Census Bureau and the Department of Housing and Urban Development.

Market estimates for the figure were at 1.450 million, while the December figure was revised up from 1.460 million to 1.562 million.

The recent figure is the lowest since 1.541 million in August 2023, according to the data.

Housing starts, meanwhile, were annually down 0.7% in January, compared to the same month of last year when they stood at 1.340 million.

Building permits, a key indicator of market demand, declined 1.5% to 1.470 million in January.

That figure also came lower than market expectations of 1.509 million. The December figure was slightly revised down from 1.495 million to 1.493 million.

On an annual basis, however, building permits were up 8.6% in January, from the same month of last year when they stood at 1.354 million.