Housing Construction Rose in January; Permits fell

Home construction rose more than expected in January, while the number of building permits issued in the month dropped, according to a government report issued Wednesday.

Construction of new homes climbed to an annual rate of 591,000 during the month, up 2.8% from December’s revised rate of 575,000, the Commerce Department said.

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Economists surveyed by Briefing.com expected January housing starts to rise to an annual rate of 580,000.

The number of building permits issued during January fell 4.9% to a seasonally adjusted annual rate of 621,000. Economists had predicted building permits would fall to 620,000