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US housing starts, building permits rise in January

Privately owned housing starts in the U.S. rose 9.7% in January to a seasonally adjusted annual rate of 1,326,000, compared to an upwardly revised estimate of 1,209,000 in December 2017, and rising 7.3% year on year, the U.S. Census Bureau and Department of Housing and Urban Development reported.

Single-family housing starts increased by 3.7% to 877,000 in January from a revised 846,000 in the previous month. The rate for units in buildings with five units or more was 431,000 in January.

Housing units authorized by building permits jumped 7.4% to a seasonally adjusted annual rate of 1,396,000 in January from revised 1,300,000 in December 2017. The rate was up 7.4% on a yearly basis as well.

Single-family authorizations slipped 1.7% to a rate of 866,000 in January from the revised 881,000 authorizations in December 2017. The rate for authorizations of units in buildings with five units or more was 479,000.