US Building Permits Unexpectedly Edge Higher

Building permits in the United States inched higher by 0.1% to a seasonally adjusted annualized rate of 1.483 million in January of 2024, firmly above market expectations that they would fall to 1.46 million, according to a preliminary estimate.

Permits for housing with two to four units surged by 13.2% from the earlier month to 60 thousand, offsetting the 1.4% drop in housing with five or more units (to 427 thousand), while permits for housing with one unit remained unchanged at 996 thousand.