US housing starts reach highest level in 13 years after 'spectacular' December surge
. The median forecast called for construction starts to reach a pace of 1.38 million, and the highest analyst estimate of 1.48 million was still dwarfed by the Friday figure.
Housing permits, a popular forward-looking indicator for the sector, fell through the month by 3.9% to 1.42 million. The double-digit gain has some analysts fearing a sharp correction in January's data. The latest data is"spectacular but clearly unsustainable," Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a Friday note.
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