Housing Starts Rise as Multi-Family Surges

Washington, DC, Feb. 16, 2012 -- Housing starts for January rose 1.5% to a seasonally adjusted annual rate of 699,000, according to the Census Bureau and the Department of Housing and Urban Development.

Economists had expected a rate of 688,000 housing starts for January.

In December the rate reached 689,000, compared with the previously reported estimate of 657,000.

Single-family housing starts fell 1% in January to a rate of 508,000. However, multi-family starts rose 14.4% to a rate of 175,000, continuing the surge in creation of apartment buildings.

Building permits came in at a 676,000 annual rate in January, up 0.7% from the prior month and 19% from a year earlier.