Home completions are bright spot in February housing market
Single-family completions rise 3 percent and mult-family completions climb 7.8 percent for month.
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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 2018
Building Permits
Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,298,000. This is 5.7 percent (±0.7 percent) below the revised January rate of 1,377,000, but is 6.5 percent (±2.4 percent) above the February 2017 rate of 1,219,000.
Single-family authorizations in February were at a rate of 872,000; this is 0.6 percent (±0.9 percent)* below the revised January figure of 877,000. Authorizations of units in buildings with five units or more were at a rate of 385,000 in February.
Housing Starts
Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,236,000. This is 7.0 percent (±16.7 percent)* below the revised January estimate of 1,329,000 and is 4.0 percent (±12.2 percent)* below the February 2017 rate of 1,288,000.
Single-family housing starts in February were at a rate of 902,000; this is 2.9 percent (±10.8 percent)* above the revised January figure of 877,000. The February rate for units in buildings with five units or more was 317,000.
Housing Completions
Privately-owned housing completions in February were at a seasonally adjusted annual rate of 1,319,000. This is 7.8 percent (±14.8 percent)* above the revised January estimate of 1,224,000 and is 13.6 percent (±16.0 percent)* above the February 2017 rate of 1,161,000.
Single-family housing completions in February were at a rate of 895,000; this is 3.0 percent (±10.6 percent)* above the revised January rate of 869,000. The February rate for units in buildings with five units or more was 418,000.
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