New residential construction in the U.S. pulled back in the month of January, according to a report released by the Commerce Department on Wednesday.
The Commerce Department said housing starts fell by 2.6 percent to an annual rate of 1.246 million in January after jumping by 11.3 percent to a revised 1.279 million in December.
Economists had expected housing starts to rise to 1.232 million from the 1.226 million originally reported for the previous month.
Meanwhile, the report said building permits, an indicator of future housing demand, jumped by 4.6 percent to a rate of 1.285 million in January after rising by 1.3 percent to a revised 1.228 million in December.
Building permits had been expected to climb to 1.232 million from the 1.210 million originally reported for the previous month.
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