A plane is seen during take off in New Jersey behind the Statue of Liberty in New York's Harbor as seen from the Brooklyn borough of New York February 20, 2016. REUTERS/Brendan McDermid

NEW YORK (Reuters) - The U.S. economy is on track to grow at a 2.4 percent annualized pace in the first quarter following the latest data on domestic housing starts, the Atlanta Federal Reserve’s GDP Now forecast model showed on Thursday.

The latest fourth-quarter GDP estimate was higher than the 2.2 percent growth rate calculated on Wednesday, the Atlanta Fed said on its website.