Housing starts, building permits surprise to the downside in February

Building Permits 

Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,682,000. This is 10.8 percent (±1.0 percent) below the revised January rate of 1,886,000, but is 17.0 percent (±1.4 percent) above the February 2020 rate of 1,438,000. Single-family authorizations in February were at a rate of 1,143,000; this is 10.0 percent (±0.8 percent) below the revised January figure of 1,270,000. Authorizations of units in buildings with five units or more were at a rate of 495,000 in February. 

Housing Starts  

Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,421,000. This is 10.3 percent (±10.5 percent) below the revised January estimate of 1,584,000 and is 9.3 percent (±9.4 percent) below the February 2020 rate of 1,567,000. Single-family housing starts in February were at a rate of 1,040,000; this is 8.5 percent (±9.3 percent) below the revised January figure of 1,136,000. The February rate for units in buildings with five units or more was 372,000.

Housing Completions  

Privately-owned housing completions in February were at a seasonally adjusted annual rate of 1,362,000. This is 2.9 percent (±10.0 percent)* above the revised January estimate of 1,324,000 and is 5.0 percent (±11.9 percent) above the February 2020 rate of 1,297,000. Single-family housing completions in February were at a rate of 1,042,000; this is 2.8 percent (±10.5 percent) above the revised January rate of 1,014,000. The February rate for units in buildings with five units or more was 314,000.