YOY building permits and housing starts fall from February 2022, while percentage of housing completions rises
WASHINGTON — Data recently released from the U.S. Census Bureau shows that February housing construction activity rose over January, but fell year over year by double digits from last year in terms of housing starts and building permits.
Building permits rose 13.8% to 1,54,000,000 in February, from 1,339,000 in January, but fell 17.9% below the February 2022 rate of 1,857,000.
Housing starts totaled 1,454,000 in February, 9.8% above the 1,321,000 reported in January, but 18.4% below the 1,777,000 rate in February 2022.
Privately owned housing completions totaled 1,557,000, up 12.2% from the 1,388,000 recorded in January, and up 12.8% above the February 2022 rate of 1,380,000.
By region the activity was as follows:
In the Northeast, building permits fell 2.8% to 103,000 in February, from 106,000 in January and fell 42.5% in February, from 179,000 in February 2022.
In the same region, the number of housing starts fell 16.5% to 106,000 in February from 127,000 in January and fell 20.9% from 134,000 in February last year.
Meanwhile, the number of privately owned units completed fell 6.6% to 99,000 in February, from 106,000 in January and fell 25.6% from 133,000 in February last year.
In the Midwest, the number of building permits rose 9.6% to 195,000 in February, from 178,000 in January and fell 21.7% from the 249,000 reported in February 2022.
The number of units started rose 70.3% in February, to 201,000, from 118,000 reported in January. They fell 14.1% from the 234,000 reported in February 2022.
The number of units completed in the Midwest fell 1.1% in February to 184,000 from the 186,000 completed in January and fell 6.1% from the 196,000 reported in February 2022.
In the South, the number of building permits issued rose 10.9% in February to 845,000, from 762,000 in January and fell 11.4% from the 954,000 issued in February 2022.
The number of units started in the South rose 2.2% to 796,000 from 779,000 in January but fell 20.3% from the 999,000 started in February 2022.
The number of units completed rose 17.4% in February to 875,000, from 745,000 in January and rose 15.3% from the 759,000 reported in February 2022.
In the West, the number of building permits issued rose 30% in February to 381,000, from 293,000 in January, but fell 19.8% from the 475,000 reported in February 2022.
The number of units started rose 16.8% in February, to 347,000 from 297,000 in January, but fell 15.4% from the 410,000 started in February of last year.
The number of units completed rose 13.7% in February to 399,000 from 351,000 in January, and also rose 36.6% from the 292,000 units completed in February 2022.