MW: Housing starts plunge nearly 17% to record-low 466,000 rate
Construction on new U.S. housing units plunged 16.8% in January to a seasonally adjusted annual rate of 466,000, the Commerce Department reported Wednesday, far below the weakest levels of the post-World War II era. Housing starts have dropped at double-digit rates for three straight months. At this rate, starts would fall to zero by the end of the year. Starts are down a record 56% in the past year and are down 79% from the peak three years ago. Housing starts in January were much worse than expected. Building permits, less volatile than the housing starts data, fell 4.8% to a seasonally adjusted annual rate of 521,000, also a record low.
