Multifamily construction fell 3.7% in January to an annual rate of 368,000, mirroring a broader drop in housing starts, the Commerce Department says.
The construction cool-down is likely the result of inclement weather, including winter storm Jonas that hit the Northeast with over two feet of snow last month.
Overall, new-home construction dropped from 1.4 million to a 1.1 million annualized rate, the lowest level in three months, Bloomberg reports.
Still, economists expect housing demand to take off over the course of the year (good news for developers!), as low unemployment and faster wage growth will encourage homebuying. [Bloomberg]
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