Tuesday, March 18, 2014

Housing Starts Slowed in February

New residential construction slowed in February, reaching an annual rate of 907,000 units, down from a revised 909,000 the previous month. Housing starts are currently running 6.4% slower than their pace one year ago.

Multi-family starts led the decline in February, falling 1.2% over the month. However single-family starts remained strong, growing 0.3%, the first month of growth in the last three months.

Permit issuance was strong, growing 7.7% in February. Single family permit issuance led the growth, rising 0.3% over the month to a pace of 588,000 permits per year. Multi-family permit issuance declined, but rose a sharp 24.3% from year ago levels. Completions rose as well this month, rising 4.4% to a pace of 886,000 units per year.

Despite the strong improvement seen in recent months housing starts remain well below the long-run average of 1.5 million units.

Read the Census report.

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