Housing Starts Fall Slightly in February

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March 20, 2008

Housing Starts Fall Slightly in February

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for February 2008:

Building Permits

Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 978,000. This is 7.8 percent below the revised January rate of 1,061,000 and is 36.5 percent below the revised February 2007 estimate of 1,541,000.

Single-family authorizations in February were at a rate of 639,000; this is 6.2 percent below the January figure of 681,000. Authorizations of units in buildings with five units or more were at a rate of 295,000 in February.

Housing Starts

Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,065,000. This is 0.6 percent below the revised January estimate of 1,071,000 and is 28.4 percent below the revised February 2007 rate of 1,487,000.

Single-family housing starts in February were at a rate of 707,000; this is 6.7 percent below the January figure of 758,000. The February rate for units in buildings with five units or more was 331,000.

Housing Completions

Privately-owned housing completions in February were at a seasonally adjusted annual rate of 1,208,000. This is 8.8 percent below the revised January estimate of 1,324,000 and is 25.8 percent below the revised February 2007 rate of 1,628,000.

Single-family housing completions in February were at a rate of 903,000; this is 9.4 percent below the January figure of 997,000. The February rate for units in buildings with five units or more was 279,000.

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