Building Permits for U.S. Homes Near 13-Year High

Home building permits in the United States rose to their highest level in nearly 13 years in January, while US home construction fell less than expected in January and this indicates the strength of the housing market that helps maintain the longest economic expansion in history.

Data released by the US Bureau of Statistics today showed that building permits in the United States increased 9.2% to 1.551 million units during January, the highest level since March 2007.

The data also showed that the start of home construction in the United States fell by 3.6% to a seasonally adjusted annual rate of 1.567 million units during the month of January compared to 1.626 million units in December, while home construction operations increased year on year by 21.4% in January.