New Home Starts in U.S. Plunge 11% in February

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According to data from the U.S. Census Bureau and the Department of Housing and Urban Development new residential construction of single family homes was down in the month of February.

Building permits

Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 517,000. This is 8.2 percent (±3.3%) below the revised January rate of 563,000 and is 20.5 percent (±3.5%) below the February 2010 estimate of 650,000.

Single-family authorizations in February were at a rate of 382,000; this is 9.3 percent (±1.2%) below the revised January figure of 421,000. Authorizations of units in buildings with five units or more were at a rate of 121,000 in February.

Housing Starts

Privately-owned housing starts in February were at a seasonally adjusted annual rate of 479,000. This is 22.5 percent (±9.8%) below the revised January estimate of 618,000 and is 20.8 percent (±9.0%) below the February 2010 rate of 605,000.

Single-family housing starts in February were at a rate of 375,000; this is 11.8 percent (±10.0%) below the revised January figure of 425,000. The February rate for units in buildings with five units or more was 96,000.

Housing Completions

Privately-owned housing completions in February were at a seasonally adjusted annual rate of 581,000. This is 13.9 percent (±16.8%) above the revised January estimate of 510,000, but is 13.0 percent (±14.9%)* below the February 2010 rate of 668,000.

Single-family housing completions in February were at a rate of 468,000; this is 11.2 percent (±15.6%)* above the revised January rate of 421,000. The February rate for units in buildings with five units or more was 107,000.

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