Tuesday, March 17, 2015

Housing Starts Dropped 17% in February

Housing starts in February dropped to 897,000, 17% below the revised January estimate of 1,081,000, and 3% below 928,000 in February 2014. The severe dip may be due to disruption of construction during the unusually cold late winter, as well usual volatility in multi-family starts. Single family housing starts were at 593,000, 14.9% below the revised January estimate of 697,000.

Although housing starts declined in all four regions, the Northeast saw the largest decline, with starts falling 56.5% from January. The South by contrast, experienced a monthly decline of only -2.5%.

Building permits were at seasonally adjusted annual rate of 1.092 million units, 3% above the revised January rate of 1.060 million and 7.7% below the February 2014 estimate of 1.014 million. Housing completions were estimated at a rate of 850,000, 13.8% lower than the revised January estimate of 986,000 and 1.8% below February 2014.

Read the Census Bureau release.

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