U.S. housing starts cool in February

WASHINGTON — Housing starts in the U.S. dropped by 7% in January to an annualized rate of 1.24 million, according to U.S. Commerce Department data, after January saw a strong 1.33 million. The decline was greater than anticipated, with forecasts expecting a rate of 1.29 million. Single-family dwellings, however, logged their second consecutive gain with an increase of 2.9%. Permits declined by 5.7% to a rate of 1.3 million, roughly in line with estimates.