02:35 PM EST, 02/19/2025 (MT Newswires) -- Housing starts fell by 9.8% to a 1.366 million annual rate in January, with single-family housing starts and multi-family starts both lower.

Building permits rose by 0.1% to a 1.483 million rate in January. Single-family permits were unchanged, while multi-family permits were up slightly. Homes permitted but not started increased by 1.4%, suggesting starts could rebound in the coming months.

The number of homes under construction declined in the month, but completions increased after a drop in December.

The New York Federal Reserve's monthly business leaders index, a measure of services conditions, fell to minus 10.5 in February from minus 5.6 in January, indicating more widespread contraction. Other services data will be released over the coming weeks.

The Mortgage Bankers Association reported a 6.6% drop in mortgage applications in the week ended Feb. 14 after a 2.3% gain in the previous week. Refinancing activity and new home applications both declined despite a downtick in mortgage rates.

Redbook reported that US same-store retail sales were up 6.3% year over year in the week ended Feb. 15, larger than a 5.3% gain in the prior week. Valentine's Day and Presidents' Day lifted customer traffic and sales in the week.

The Q1 GDPnow estimate from the Atlanta Fed is for a 2.3% gain, unrevised from the previous update on Feb. 14. The next update is scheduled for Feb. 28.