Housing Starts Surge in January

Washington, DC, Feb. 16, 2011 -- New housing starts rose to their highest level in four months in January, the Commerce Department estimated Wednesday.

Starts rose 14.6% in January to a seasonally adjusted 596,000 annualized units, stronger than the 520,000 pace expected by economists.

This is the highest level of starts since September.

Single-family homes, which make up nearly 70% of new construction , fell 1% to an annual rate of 417,000 units. Apartment construction skyrocketed 80% to an annual rate of 171,000 units.

Building permits fell 10.4% to a seasonally adjusted annual rate of 562,000. This follows a 15.3% jump in permits in December.