U.S. housing starts fall as permits surge

WASHINGTON — U.S. housing starts fell 3.6 percent in January to a seasonally adjusted annual rate of 1.567 million units, according to the U.S. Commerce Department, following three monthly increases. In a Reuters poll, economists forecast a steeper decline, to a pace of 1.425 million units. On a year-to-year basis, starts were up 21.4 percent. Meanwhile, building permits jumped by 9.2 percent to a rate of 1.551 million units in January, their highest level since March 2007. Both single- and multi-family dwellings contributed to the surge.