16.02.201808:39:00UTC+00U.S. Housing Starts Surge Up 9.7% In January

After reporting a steep drop in new residential construction in the previous month, the Commerce Department released a report on Friday showing housing starts in the U.S. rebounded by much more than anticipated in the month of January.

The Commerce Department said housing starts soared by 9.7 percent to an annual rate of 1.326 million in January after tumbling by 6.9 percent to a revised 1.209 million in December.

Economists had expected housing starts to climb by 3.5 percent to an annual rate of 1.234 million from the 1.192 million originally reported for the previous month.

Building permits, an indicator of future housing demand, also surged up by 7.4 percent to an annual rate of 1.396 million in January from the revised December rate of 1.300 million.