Here come housing starts ...

The Census Bureau will release its monthly report on new residential construction and permitting activity in the US at 8:30 a.m. ET.

Economists forecast that housing starts in January were flat compared to the prior month, at a seasonally adjusted annual rate of 1.226 million, according to Bloomberg. They estimate that building permits were little changed as well, up by 0.2% to a seasonally adjusted annual rate of 1.23 million.

Permits for future construction rose to a nine-year high in November, suggesting that new homebuilding may increase in the coming months.

Meanwhile, builders continue to struggle with labor shortages and a lack of developed lots, according to the National Association of Homebuilders (NAHB). The NAHB's February report on builder sentiment showed that optimism settled back to a "normal range" as buyer traffic fell.

More to come ...