US Housing Starts Drop a Fifth Month, Longest Streak Since 2009
- Residential starts fell last month to lowest since June 2020
- Single-family projects decreased in Northeast and West
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New US home construction retreated for a fifth month in January to the lowest level since June 2020 as elevated mortgage rates continue to keep a lid on housing demand.
Residential starts decreased 4.5% last month to a 1.31 million annualized rate, marking the longest stretch of declines since 2009, according to government data released Thursday. Single-family homebuilding fell to an annualized 841,000 rate.