US Housing Starts Increase in February, While Permits and Completions Decline

On Wednesday, the US Census Bureau reported that privately‐owned housing starts in February were at a seasonally adjusted annual rate (SAAR) of 1,501,000. This is 11.2% above the revised January estimate of 1,350,000 but 2.9% below the February 2024 rate of 1,546,000. Single-family housing starts were at a rate of 1,108,000; this is 11.4% above the revised January figure of 995,000. The rate for units in buildings with five units or more was 370,000.

Privately-owned housing units authorized by building permits in February (the forward-looking portion of the report) were at a seasonally adjusted annual rate of 1,456,000. This is 1.2% below the revised January rate of 1,473,000 and 6.8% below the February 2024 rate of 1,563,000. Single-family authorizations were at a rate of 992,000; this is 0.2% below the revised January figure of 994,000. The rate for units in buildings with five units or more was 404,000.

Privately‐owned housing completions in February were at a seasonally adjusted annual rate of 1,592,000. This is 4.0% below the revised January estimate of 1,659,000 and 6.2% below the February 2024 rate of 1,698,000. Single-family housing completions were at a rate of 1,066,000; this is 7.1% above the revised January rate of 995,000. The rate for units in buildings with five units or more was 512,000.