US Housing Starts, Building Permits, and Completions Bounce Back in February

On Tuesday, the US Census Bureau reported that privately‐owned housing starts in February were at a seasonally adjusted annual rate (SAAR) of 1,521,000. This is 10.7% above the revised January estimate of 1,374,000 and 5.9% above the February 2023 rate of 1,436,000. Single-family housing starts were at a rate of 1,129,000; this is 11.6% above the revised January figure of 1,012,000. The rate for units in buildings with five units or more was 377,000.

Building permits are the forward-looking portion of the report, and in February privately-owned housing units authorized by building permits were at a SAAR of 1,518,000. This is 1.9% above the revised January rate of 1,489,000 and 2.4% above the February 2023 rate of 1,482,000. Single-family authorizations were at a rate of 1,031,000; this is 1.0% 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.

Privately‐owned housing completions in February were at a seasonally adjusted annual rate of 1,729,000. This is 19.7% above the revised January estimate of 1,445,000 and 9.6% above the February 2023 rate of 1,577,000. Single‐family housing completions were at a rate of 1,072,000; this is 20.2% above the revised January rate of 892,000. The rate for units in buildings with five units or more was 644,000.