New Multifamily Construction in U.S. Upticks in February as Single Family Housing Starts Dip 9%

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According to the U.S. Census Bureau and the Department of Housing and Urban Development's (HUD) newly released residential construction statistics for February 2012, new multifamily projects are carrying the U.S. construction market.

BUILDING PERMITS

Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 717,000.  This is 5.1 percent (±1.2%) above the revised January rate of 682,000 and is 34.3 percent (±3.1%) above the February 2011 estimate of 534,000.

Single-family authorizations in February were at a rate of 472,000; this is 4.9 percent (±1.2%) above the revised January figure of 450,000. Authorizations of units in buildings with five units or more were at a rate of 219,000 in February.

HOUSING STARTS

Privately-owned housing starts in February were at a seasonally adjusted annual rate of 698,000.  This is 1.1 percent (±15.9%) below the revised January estimate of 706,000, but is 34.7 percent (±16.7%) above the February 2011 rate of 518,000.

Single-family housing starts in February were at a rate of 457,000; this is 9.9 percent (±11.4%) below the revised January figure of 507,000. The February rate for units in buildings with five units or more was 233,000.

HOUSING COMPLETIONS

Privately-owned housing completions in February were at a seasonally adjusted annual rate of 568,000.  This is 6.2 percent (±15.8%) above the revised January estimate of 535,000, but is 7.0 percent (±14.1%) below the February 2011 rate of 611,000.

Single-family housing completions in February were at a rate of 421,000; this is 8.2 percent (±18.9%) above the revised January rate of 389,000. The February rate for units in buildings with five units or more was 144,000.