After a sharp drop in new residential construction in the US in December, the US Commerce Department released a report showing housing starts rebounded in January 2019.

Housing starts jumped by 18.6 percent to an annual rate of 1.230 million in January after dropping by 14.0 percent to a revised rate of 1.037 million in December.

Single-family housing stars surged up by 25.1 percent to a rate of 926,000 in January, while multi-family starts climbed by 2.4 percent to a rate of 304,000.

Building permits also rose by 1.4 percent to an annual rate of 1.345 million in January after inching up by 0.3 percent to 1.326 million in December.