US Housing Starts Increase in February, While Permits and Completions Decline
Monthly New Residential Construction, February 2025
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.
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