U.S. Single-family Home Starts Rise 11.6% in February
Privately-owned housing starts climb 10.7% for month.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for February 2024:
Building Permits
Privately‐owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,518,000. This is 1.9 percent above the revised January rate of 1,489,000 and is 2.4 percent above the February 2023 rate of 1,482,000.
Single‐family authorizations in February were at a rate of 1,031,000; this is 1.0 percent above the revised January figure of 1,021,000. Authorizations of units in buildings with five units or more were at a rate of 429,000 in February.
Housing Starts
Privately‐owned housing starts in February were at a seasonally adjusted annual rate of 1,521,000. This is 10.7 percent (±14.2 percent)* above the revised January estimate of 1,374,000 and is 5.9 percent (±10.0 percent)* above the February 2023 rate of 1,436,000.
Single‐family housing starts in February were at a rate of 1,129,000; this is 11.6 percent (±14.8 percent)* above the revised January figure of 1,012,000. The February rate for units in buildings with five units or more was 377,000.
Housing Completions
Privately‐owned housing completions in February were at a seasonally adjusted annual rate of 1,729,000. This is 19.7 percent (±18.5 percent) above the revised January estimate of 1,445,000 and is 9.6 percent (±15.6 percent)* above the February 2023 rate of 1,577,000.
Single‐family housing completions in February were at a rate of 1,072,000; this is 20.2 percent (±17.7 percent) above the revised January rate of 892,000. The February rate for units in buildings with five units or more was 644,000.
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