New Building Permits Hit 13-Year High, Suggesting Robust US Economy

Permits to build new homes soared 9.2 percent in January

A construction site in Los Angeles, California, on July 30, 2018. Lucy Nicholson/Reuters

New building permits surged to a near 13-year high, pointing to sustained housing market strength amidst a period of continuing economic expansion in the United States that is the longest in recorded history.

Permits to build new homes in the United States soared 9.2 percent to a rate of 1.551 million units in January, the Commerce Department said on Feb. 19, which is the highest level since March 2007.