New residential homes are shown under construction in Carlsbad, California September 19, 2011. (Photo: Reuters)
The U.S. Census Bureau report on new residential construction statistics for February show housing starts and building permits missed expectations, though housing completions were very strong.
Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,298,000, a 5.7% (±0.7%) decline from the revised January rate of 1,377,000. However, it is still 6.5% (±2.4%) higher than the February 2017 rate of 1,219,000.
Single-family authorizations in February were at a rate of 872,000, a 0.6% (±0.9%) decline from 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.
Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,236,000, a 7.0% (±16.7%) drop from the revised January estimate of 1,329,000. It is also 4.0% (±12.2%) below the February 2017 rate of 1,288,000. Yet, single-family housing starts, the key component in this report, were at a rate of 902,000 in February.
This is 2.9% (±10.8%) above the revised January figure of 877,000. The February rate for units in buildings with five units or more was 317,000.
Privately-owned housing completions in February were at a seasonally adjusted annual rate of 1,319,000, a 7.8% (±14.8%) gain from the revised January estimate of 1,224,000 and a 13.6% (±16.0%)* gain from the February 2017 rate of 1,161,000. That is very strong for this component.
Single-family housing completions in February were at a rate of 895,000, an increase of 3.0% (±10.6%) from the revised January rate of 869,000. The February rate for units in buildings with five units or more was 418,000.
The most damning journalistic sin committed by the media during the era of Russia collusion…
The first ecological study finds mask mandates were not effective at slowing the spread of…
On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…
On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…
Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…
Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…
This website uses cookies.
View Comments
Dodd-Frank is still driving up home and apartment costs in Reno by crippling the ability of compani… https://t.co/Z87Pg9Wy3w