New residential construction in the U.S. unexpectedly saw a substantial decrease in the month of January, according to a report released by the Commerce Department on Friday.
The report said housing starts plunged by 14.8 percent to an annual rate of 1.331 million in January from an upwardly revised rate of 1.562 million in December.
Economists had expected housing starts to rise to an annual rate of 1.470 million from the 1.460 million originally reported for the previous month.
The Commerce Department also said building permits fell by 1.5 percent to an annual rate of 1.470 million in January from a revised rate of 1.493 million in December.
Building permits, an indicator of future housing demand, were expected to increase to a rate of 1.510 million from the 1.495 million originally reported for the previous month.
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