Wednesday February 18, 01:46 PM
US housing starts, permits plunge to new record lows
WASHINGTON (AFP) - US housing starts and building permits plunged again in January to new record lows amid the deepening recession, government data showed Wednesday.
The Commerce Department said the number of housing starts in January dived 16.8 percent to a seasonally adjusted annual rate of 466,000 units from December, far below analysts' consensus forecast of 547,000 units.
Permits to build new homes, an indicator of future activity in the housing sector, dropped 4.8 percent from the prior month to an annualized rate of 521,000. That level also was below expectations of 530,000.
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