US: Building permits in February decline 5.7% to 1,298,000

“Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,298,000. This is 5.7 percent below the revised January rate of 1,377,000, but is 6.5 percent above the February 2017 rate of 1,219,000. Single-family authorizations in February were at a rate of 872,000; this is 0.6 percent below the revised January figure of 877,000,” the U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced on Friday.

Housing Starts:

Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,236,000. This is 7.0 percent below the revised January estimate of 1,329,000 and is 4.0 percent below the February 2017 rate of 1,288,000. Single-family housing starts in February were at a rate of 902,000; this is 2.9 percent above the revised January figure of 877,000. The February rate for units in buildings with five units or more was 317,000. 

Housing Completions:

Privately-owned housing completions in February were at a seasonally adjusted annual rate of 1,319,000. This is 7.8 percent above the revised January estimate of 1,224,000 and is 13.6 percent above the February 2017 rate of 1,161,000. Single-family housing completions in February were at a rate of 895,000; this is 3.0 percent above the revised January rate of 869,000. The February rate for units in buildings with five units or more was 418,000.