Construction is continuing its upward path, despite the sharp drop in starts reported in January. This decline was clearly a function of weather factors that led to a big jump in starts in December. In the Northeast starts were down 35.3 percent from their December level, but were still above November starts. Starts in the Midwest were down by 50.0 percent, but the vast majority of the decline was due to a plunge in multi-family units. Single-family units were down by just 9.7 percent. Starts in the South and West actually rose in January, as did permits.
For more, read the latest Housing Market Monitor.