Talking Points …

  • After brisk development in December, new-home construction slowed in January. U.S. housing starts fell 2 percent in January from a month earlier to a seasonally adjusted annual rate of 1.065 million, according to the Commerce Department.
  • New applications for building permits, a bellwether for construction in coming months, slipped 0.7 percent. That being said, housing starts were up almost 19 percent from a year earlier in January, reflecting gradual progress.
  • Poor weather conditions may have affected January’s figures. Home-construction figures are often revised, as new-home construction rose 7.1 percent in December from a month earlier, up from the initially reported 4.4 percent. But November’s figure was revised down sharply, with starts falling 7.1 percent.