New Housing Starts Dip 5.9% in February

---

(WASHINGTON, DC) - The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for February 2010:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 612,000. This is 1.6 percent (±1.0%) below the revised January rate of 622,000, but is 11.3 percent (±1.8%) above the February 2009 estimate of 550,000.

Single-family authorizations in February were at a rate of 503,000; this is 0.2 percent (±1.0%) below the revised January figure of 504,000. Authorizations of units in building with five units or more were at a rate of 89,000 in February.

HOUSING STARTS

Privately-owned housing starts in February were at a seasonally adjusted annual rate of 575,000. This is 5.9 percent (±10.0%) below the revised January estimate of 611,000, but is 0.2 percent (±9.8%)* above the February 2009 rate of 574,000.

Single-family housing starts in February were at a rate of 499,000; this is 0.6 percent (±10.6%) below the revised January figure of 502,000. The February rate for units in buildings with five units or more was 58,000.

HOUSING COMPLETIONS

Privately-owned housing completions in February were at a seasonally adjusted annual rate of 700,000. This is 5.4 percent (±20.2%) above the revised January estimate of 664,000, but is 15.5 percent (±13.6%) below the February 2009 rate of 828,000.

Single-family housing completions in February were at a rate of 458,000; this is 4.3 percent (±13.7%) above the revised January rate of 439,000. The February rate for units in buildings with five units or more was 236,000.

---