by However, monthly gain in housing starts suggests building activity could increase in the warmer spring and summer months
WASHINGTON — February housing construction activity lagged in all three major areas tracked by the U.S. government compared with the same time last year, according to figures released Tuesday by the U.S. Department of Commerce.
Building permits totaled 1,456,000, down 6.8% from 1,563,000 in February and down 1.2% below the revised January rate of 1,473,000.
There were 992,000 single-family building permits, or 68% of the total, which was down .2% from a revised January rate of 994,000. The balance of 404,000 permits issued was for units in buildings with five units or more.
Housing starts totaled 1,501,000 in February, 2.9% below 1,546,000 in February 2024 but 11.2% above the revised January estimate of 1,350,000.
There were 1,108,000 single-family housing starts, or 74% of the total, which was 11.4% above the revised January rate of 995,000. The balance of 370,000 housing starts was for units in buildings with five units or more.
There were 1,592,000 housing completions recorded in February, 6.2% below 1,698,000 in February 2024 and 4% below a revised January estimate of 1,659,000 units.
Of these, 1,066,000 single-family homes were completed, or 67% of the total, which was 7.1% above the revised rate of 995,000 in January. The balance of 512,000 was for units in building with five units or more.
Despite the year-over-year decline, the monthly gains in housing starts suggests that building activity could improve in the coming months with warmer weather. This, along with a turnaround in housing completions in the coming months, could spur furniture sales as people begin to move into those homes.
By region, the activity was as follows:
+ In the Northeast, there were 116,000 residential building permits issued, down 45.8% from 214,000 in February 2024 and down 15.3% from 137,000 in January. There were 143,000 residential units started in the region, up 20.2% from 119,000 started in February 2024 and up 47.4% from 97,000 started in January. There were 138,000 units completed, up 11.3% from 124,000 completed in February 2024 and down 14.3% from 161,000 completed in January.
+ In the Midwest, there were 244,000 residential building permits issued, up 8.9% from 237,000 in February 2024 and up 3% from 224,000 in January. There were 133,000 units started, down 44.4% from 239,000 started in February 2024 and down 24.9% from 177,000 started in January. There were 144,000 units completed in February, down 44.6% from 260,000 completed in February 2024 and down 32.7% from 214,000 completed in January.
+ In the South, there were 806,000 residential building permits issued, up 1.5% from 794,000 in February 2024 and up 1% from 798,000 in January. There were 815,000 units started, down 5.6% from 863,000 started in February 2024 and up 18.3% from 689,000 started in January. There were 885,000 units completed, down 7.5% from 957,000 completed in February 2024 and up 5.9% from 836,000 completed in January.
+ In the West, there were 290,000 residential permits issued, down 8.8% from 318,000 in February 2024 and down 7.6% from 314,000 issued in January. There were 410,000 units started, up 26.2% from 325,000 started in February last year and up 5.9% from 387,000 started in January. There were 425,000 units completed in February, up 19% from 357,000 completed in February 2024 and down 5.1% from 448,000 completed in January.
