U.S. housing starts unexpectedly rose to a 21-year high in January, paced by record construction of single-family homes, a government report showed. Industrial production was unchanged as warm weather damped demand for energy.
The 4.7 percent rise in construction to 2.159 million housing units at an annual rate followed a revised 14 percent surge in December that was higher than first reported, the Commerce Department said. The median forecast of 66 economists surveyed by Bloomberg News called for a decline to 1.925 million.
Payroll growth and mortgage rates averaging less than 6 percent are fueling demand after the best year for home sales ever in 2004.
"There's no reason to believe housing cannot have another record year," said Richard Yamarone, chief economist at Argus Research Corp. in New York.
Source: Bloomberg
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