Residential construction in January was healthier than expected.
Housing starts rose to a seasonally adjusted annual rate of 699,000, up 1.5% from 689,000 in December, according to data released Thursday morning by the Department of Commerce. But more encouraging: The January rate is up 9.9% from the same month a year ago.
Most analysts were looking for a figure anywhere from 645,000 to 671,000 for the month of January.