Single-Family Housing Starts in February, Challenges Lie Ahead Due to Coronavirus
Total housing starts decreased 1.5 percent in February from an upwardly revised January reading to a seasonally adjusted annual rate of 1.60 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department. Meanwhile, overall permits declined 5.5 percent to 1.46 million.
The February reading of 1.60 million starts is the number of housing units builders would begin if they kept this pace for the next 12 months. Within this overall number, single-family starts increased 6.7 percent to a 1.07 million seasonally adjusted annual rate, the highest level since June 2007. The multifamily sector, which includes apartment buildings and condos, decreased 14.9 percent to a 527,000 pace.