The pace of U.S. home construction declined more than forecast in January, indicating an unusually harsh winter probably played a role in slowing projects.
Housing starts fell 16 percent to an 880,000 annualized rate following December’s revised 1.05 million, the Commerce Department reported Wednesday in Washington. The decrease was the biggest since February 2011. The median estimate of 84 economists surveyed by Bloomberg called for 950,000. Permits for future projects showed a smaller drop, a sign activity may stabilize as the weather improves.
