WASHINGTON (Sputnik) – US residential construction projects that started in January declined because demand for single-family homes froze at a rate of 6.7 percent lower than in December, according to a US Department of Commerce report issued on Wednesday.
“Single-family housing starts in January were at a seasonally adjusted annual rate of 678,000,” the report said. “This is 6.7 percent below the December figure of 727,000.”
Private home building generally decreased two percent below the December revised estimate because consumers did not want any residential expansion during the winter, the report added.
American single families lost interest in gaining access to a home with single family authorizations dropping 3.1 percent below the revised December figure of 675,000.
For the homes that were already being constructed, Americans wanted those homes finished as the rate for completion of privately owned homes went up 1.3 percent from the revised December estimate of 918,000.
However, US single families were not as interested in getting their homes completed as their rate fell 2.3 percent, a decline below the December figures of 664,000, according to the report.
American single families continued to show a deepening interest in rentals as the January rate for units in buildings with five units or more was around 274,000, the report showed.
The data represents seasonally-adjusted statistics that may change month-to-month, according to the report.