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Posted March 16, 2016

February housing starts surge

Single-family starts gain 7.2 percent for month.


Signalling a bullish near-term future for housing, the U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for February 2016:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,167,000. This is 3.1 percent (±0.8%) below the revised January rate of 1,204,000, but is 6.3 percent (±2.0%) above the February 2015 estimate of 1,098,000.

Single-family authorizations in February were at a rate of 731,000; this is 0.4 percent (±1.2%)* above the revised January figure of 728,000. Authorizations of units in buildings with five units or more were at a rate of 401,000 in February.

HOUSING STARTS

Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,178,000. This is 5.2 percent (±16.9%)* above the revised January estimate of 1,120,000 and is 30.9 percent (±16.3%) above the February 2015 rate of 900,000.

Single-family housing starts in February were at a rate of 822,000; this is 7.2 percent (±17.4%)* above the revised January figure of 767,000. The February rate for units in buildings with five units or more was 341,000.

HOUSING COMPLETIONS

Privately-owned housing completions in February were at a seasonally adjusted annual rate of 1,016,000. This is 4.2 percent (±9.5%)* below the revised January estimate of 1,060,000, but is 17.5 percent (±14.3%) above the February 2015 rate of 865,000.

Single-family housing completions in February were at a rate of 736,000; this is 6.1 percent (±12.7%)* above the revised January rate of 694,000. The February rate for units in buildings with five units or more was 261,000.

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