Housing Starts and Permits Roll Back January Gains

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Posted To: MND NewsWire

The two principal measures of residential construction activity had been expected to decline a bit in February after a strong performance to kick off the new year. Instead, the figures reported by the U.S. Census Bureau and the Department of Housing and Urban Development for both construction permits and housing starts were well below even the most pessimistic predictions. Permits for privately owned residential units were issued at the seasonally adjusted annual rate of 1,298,000. This is a decline of 5.7 percent from the January rate of 1,377,000 units. Revisions rolled back a substantial portion of the January increase; the original estimate was 1,396,000 units. February’s permitting activity was however, still 6.5 percent higher than the 1,219,000-unit rate in February 2017. Analysts polled…(read more)

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