Permits for new residential homes in the US fell by 10.4 per cent during January,
figures released by the Commerce Department's US Census Bureau have revealed.
This was compared to a private sector decline of 13.1 per cent over the same period.
Overall housing starts increased by 14.6 per cent, the organisation explained. This was driven primarily by a rise in multi-family housing
starts. Single-family housing starts in comparison decreased one per cent in January, compared with private-sector expectations of a 0.2 per cent increase.
"As we continue to see from today’s report, month-to-month housing market data can be volatile and the industry continues to suffer from the affects of the recession," US commerce secretary Gary Locke said.
"But as the president's 2012 budget makes clear, building a sound economic future that includes a strong housing market requires smart investments that enhance competitiveness, create jobs and drive economic growth - investments that will support the long-term stability of the US economy and help us win the future."
- Friday 18 February 2011