Housing Construction Hit 30-Year High in January; Analysts Blame Swift Pace On Warm Weather, Predict Slowing This Year

Summary

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WASHINGTON -- Construction of new homes and apartments, defying forecasts of a housing slowdown, shot up in January at the fastest pace in more than three decades.

The Commerce Department reported Thursday that building activity was up 14.5 percent last month when compared with December, pushing construction to a seasonally adjusted annual rate of 2.276 million units.

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Extract

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Housing Construction Hit 30-Year High in January; Analysts Blame Swift Pace On Warm Weather, Predict Slowing This Year

That was the fastest construction rate since March 1973, but it was expected to be a one-time blip caused by unusually warm weather in January that prompted builders to...

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