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Housing Starts Increased to 1.450 million Annual Rate in February

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by Calculated Risk on 3/16/2023 08:40:00 AM

From the Census Bureau: Permits, Starts and Completions

Housing Starts:
Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,450,000. This is 9.8 percent above the revised January estimate of 1,321,000, but is 18.4 percent below the February 2022 rate of 1,777,000. Single-family housing starts in February were at a rate of 830,000; this is 1.1 percent above the revised January figure of 821,000. The February rate for units in buildings with five units or more was 608,000.

Building Permits:
Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate
of 1,524,000. This is 13.8 percent above the revised January rate of 1,339,000, but is 17.9 percent below the
February 2022 rate of 1,857,000. Single-family authorizations in February were at a rate of 777,000; this is 7.6
percent above the revised January figure of 722,000. Authorizations of units in buildings with five units or more
were at a rate of 700,000 in February.
emphasis added

Click on graph for larger image.

The first graph shows single and multi-family housing starts for the last several years.

Multi-family starts (blue, 2+ units) decreased in February compared to January. Multi-family starts were up 9.9% year-over-year in February.

Single-family starts (red) increased slightly in February and were down 31.6% year-over-year.

The second graph shows single and multi-family housing starts since 1968.

This shows the huge collapse following the housing bubble, and then the eventual recovery – and the recent collapse in single-family starts.

Total housing starts in February were above expectations, however, starts in December and January were revised down, combined.

I’ll have more later …

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