As multifamily dragged down completed construction, it was responsible for pushing up new housing permits and driving housing starts to the highest level since 2016.

Data jointly reported Friday by the Census Bureau and the Department of Housing and Urban Development indicate that permits were issued for 98,100 housing units in January.

That put last month’s seasonally adjusted annual rate of residential units that were authorized in permit-issuing places at 1.396 million.

Source: Mortgage Daily