Single-Family Housing Construction Jumps in February
Single-family housing construction surged 7.2 percent in February to an annual production rate of 822,000 units. This is the highest level since November 2007. Multifamily starts remained flat, up 0.8 percent, to 356,000 units, based on data from the U.S. Department of Housing and Urban Development and the Commerce Department.
The National Association of Home Builder's (NAHB) chief economist David Crowe says the recent data show that this sector is strengthening in line with our forecast. As the U.S. economy firms, job creation continues and mortgage interest rates remain low, we should see further growth in housing production moving forward.”
"This month’s report is consistent with positive builder sentiment and other economic indicators showing that the housing market continues to recover at a gradual pace,” said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill.
You can find the NAHB news release here.
Here's what the U.S. Census Bureau and the Department of Housing and Urban Development announced:
BUILDING PERMITS
Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,167,000. This is 3.1 percent (±0.8%) below the revised January rate of 1,204,000, but is 6.3 percent (±2.0%) above the February 2015 estimate of 1,098,000.
Single-family authorizations in February were at a rate of 731,000; this is 0.4 percent (±1.2%)* above the revised January figure of 728,000. Authorizations of units in buildings with five units or more were at a rate of 401,000 in February.
HOUSING STARTS
Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,178,000. This is 5.2 percent (±16.9%)* above the revised January estimate of 1,120,000 and is 30.9 percent (±16.3%) above the February 2015 rate of 900,000.
Single-family housing starts in February were at a rate of 822,000; this is 7.2 percent (±17.4%)* above the revised January figure of 767,000. The February rate for units in buildings with five units or more was 341,000.
HOUSING COMPLETIONS
Privately-owned housing completions in February were at a seasonally adjusted annual rate of 1,016,000. This is 4.2 percent (±9.5%)* below the revised January estimate of 1,060,000, but is 17.5 percent (±14.3%) above the February 2015 rate of 865,000.
Single-family housing completions in February were at a rate of 736,000; this is 6.1 percent (±12.7%)* above the revised January rate of 694,000. The February rate for units in buildings with five units or more was 261,000.
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