U.S. housing starts at 6-month high, permits dip

U.S. housing starts hit their highest in six months and industrial output rose a solid 0.9 percent in January in signs an economic recovery was taking a firm hold as the year began.

Groundbreaking activity for new homes increased 2.8 percent to a seasonally adjusted annual rate of 591,000 units, reversing the prior month's weather-induced drop, a report from the Commerce Department showed on Wednesday.

Analysts had expected housing starts to rise to a 580,000-unit pace. December's housing starts were revised upwards to 575,000 units from the previously reported 557,000. Compared to January last year, starts surged 21.1 percent, the largest increase since April 2004.

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- Posted: 2010-02-17 10:58:23

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