The Census Bureau, Washington, D.C., reported that privately owned housing starts in January were at a seasonally adjusted annual rate of 1,331,000, 14.8% below the revised December estimate.
Permits were also up 1.5% in January.
“Moderating mortgage interest rates in 2024 will ultimately lead to gains for single-family home building this year,” says Alicia Huey, chairman of the National Association of Home Builders and a custom home builder and developer from Birmingham, Alabama. “However, tighter lending conditions and higher costs for construction and development loans are holding back some construction at the start of the year.”
