U.S. housing starts slip 1.1% to 698,000 pace for February; building permits jump 5.1%

WASHINGTON (MarketWatch)
The start of construction on new U.S. homes fell 1.1% in February to an annual rate of 698,000, but permits rose 5.1%, the Commerce Department reported Tuesday
Housing starts in January were revised up to 706,000 from an original reading of 699,000
Economists surveyed by MarketWatch had expected housing starts in February to rise to an annual rate of 706,000 on a seasonally adjusted basis
Permits for new construction, a gauge of future demand, increased to an annual rate of 717,000 from 682,000 in January
That's the highest level of permits since the middle of the last recession in October 2008
Permits for single-family homes, which account for three-quarters of the housing market, rose 4.9% to an annual rate of 472,000 last month