US home construction Down more than expected in January

The US Commerce Department said today that US new home construction fell 6.0% to a seasonally adjusted annual rate of 1.580 million units in January versus 1.68 million units in December. On an annual basis, new US home construction declined 2.3% in the 12 months to January compared to the same period last year, with softwood prices rising at a record 73% year-on-year in January.

Future home building permits increased 10.4% to 1.881 million units in January, with single-family building permits rising 3.8% to 1.269 million units in January, while single-family home construction decreased 12.2% to a seasonally adjusted annual rate of 1.162 million units.