US single-family housing starts fall in January; permits rise

U.S. single-family homebuilding fell in January, likely because of harsh weather conditions, but a rise in permits for future construction suggested a rebound in the coming months. Single-family housing starts, which account for the bulk of homebuilding, dropped 4.7% to a seasonally adjusted annual rate of 1.004 million units last month, the Commerce Department's Census Bureau said on Friday. Data for December was revised up to show single-family starts falling to a rate of 1.054 million units instead of the previously reported 1.027 million units.