Housing permits dip in February but starts and completions rise

Single-family housing starts rise 6.5 percent for month; multi-family starts rise 3.0 percent.

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for February 2017:

Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,213,000. This is 6.2 percent (±1.8 percent) below the revised January rate of 1,293,000, but is 4.4 percent (±1.3 percent) above the February 2016 rate of 1,162,000.

Single-family authorizations in February were at a rate of 832,000; this is 3.1 percent (±1.5 percent) above the revised January figure of 807,000. of units in buildings with five units or more were at a rate of 334,000 in February.

Housing Starts

Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,288,000. This is 3.0 percent (±13.0 percent)* above the revised January estimate of 1,251,000 and is 6.2 percent (±10.4 percent)* above the February 2016 rate of 1,213,000.

Single-family housing starts in February were at a rate of 872,000; this is 6.5 percent (±10.9 percent)* above the revised January figure of 819,000. The February rate for units in buildings with five units or more was 396,000.

Housing Completions

Privately-owned housing completions in February were at a seasonally adjusted annual rate of 1,114,000. This is 5.4 percent (±9.6 percent)* above the revised January estimate of 1,057,000 and is 8.7 percent (±12.1 percent)* above the February 2016 rate of 1,025,000.

Single-family housing completions in February were at a rate of 754,000; this is 6.5 percent (±9.7 percent)* below the revised January rate of 806,000. The February rate for units in buildings with five units or more was 344,000.