US housing construction drops 16 per cent in January with much of weakness weather related
WASHINGTON - U.S. home construction fell in January for a second month but the weakness in both months reflected severe winter weather in many parts of the country. The expectation is that housing will deliver another year of solid gains, helped by an improving economy.
The Commerce Department says builders started work at a seasonally adjusted annual rate of 880,000, down 16 per cent from December. In December, construction had fallen 4.8 per cent. The declines in both months were blamed largely on the weather.
Applications for building permits fell in January for a third month, dropping 5.4 per cent to a rate of 937,000.
For all of 2013, housing construction rose 17.7 per cent to 976,000 units, the best showing since 2007. Analysts expect further gains this year as stronger job growth boosts demand.
Read more Business News
- Strike: Cash for kidsBC - 12:39 pm
- Speeders take to new highwayCentral Okanagan - 12:44 pm
- They're flares not wildfiresKamloops - 1:24 pm
- Crash sends 4 to hospitalVernon / N. Okanagan - 2:03 pm
|QHR Technologies Inc||1.21||-0.01|
|Anavex Life Sciences||0.262||+0.002|
|Copper Mountain Mining||2.75||-0.08|
|Sunrise Resources Ltd||0.03||-0.005|
|Mission Ready Services||0.15||0.00|
Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...
The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...
The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...