Volatile New Residential Construction Report Comes in Weak
The mixed new residential construction report for February finds housing starts missed their respective forecasts.
(Correction: A previous version stated building permits slightly beat the forecast. This was not accurate as that was the low end range. It has been updated to reflect a slight miss.)
Housing Starts
Privately‐owned housing starts in February came in at a seasonally adjusted annual rate of 1,162,000. This is 8.7% (±10.3%)* below the revised January estimate of 1,273,000 and is 9.9% (±11.5%)* below the February 2018 rate of 1,290,000.
The consensus forecast for housing starts was 1,201,000 million, ranging from a low of 1,141,000 million to a high of 1,250,000 million.
Single‐family housing starts in February were at a rate of 805,000; this is 17.0% (±11.2%) below the revised January figure of 970,000. The February rate for units in buildings with five units or more was 352,000.
Building Permits
Privately‐owned housing completions in February were at a seasonally adjusted annual rate of 1,303,000. This is 4.5% (±17.8%)* above the revised January estimate of 1,247,000 and is 1.1% (±18.6%)* above the February 2018 rate of 1,289,000.
The consensus forecast for building permits was 1,300,000 million, ranging from a low of 1,290,000 million to a high of 1,320,000 million.
Single‐family housing completions in February were at a rate of 816,000; this is 10.0% (±11.0%)* below the revised January rate of 907,000. The February rate for units in buildings with five units or more was 473,000
Housing Completions
Privately‐owned housing completions in February were at a seasonally adjusted annual rate of 1,303,000. This is 4.5% (±17.8%)* above the revised January estimate of 1,247,000 and is 1.1% (±18.6%)* above the February 2018 rate of 1,289,000.
Single‐family housing completions in February were at a rate of 816,000; this is 10.0% (±11.0%)* below the revised January rate of 907,000. The February rate for units in buildings with five units or more was 473,000.
