by Bill McBride on 3/16/2016 08:39:00 AM
Wednesday, March 16, 2016
From the Census Bureau: Permits, Starts and Completions
Housing Starts:Click on graph for larger image.
Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,178,000. This is 5.2 percent above the revised January estimate of 1,120,000 and is 30.9 percent above the February 2015 rate of 900,000.
Single-family housing starts in February were at a rate of 822,000; this is 7.2 percent above the revised January figure of 767,000. The February rate for units in buildings with five units or more was 341,000.
Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,167,000. This is 3.1 percent below the revised January rate of 1,204,000, but is 6.3 percent above the February 2015 estimate of 1,098,000.
Single-family authorizations in February were at a rate of 731,000; this is 0.4 percent above the revised January figure of 728,000. Authorizations of units in buildings with five units or more were at a rate of 401,000 in February.
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (red, 2+ units) increased in February. Multi-family starts are up 19% year-over-year.
Single-family starts (blue) increased in February and are up 37% year-over-year.
The second graph shows total and single unit starts since 1968.
The second graph shows the huge collapse following the housing bubble, and then - after moving sideways for a couple of years - housing is now recovering (but still historically low),
Total housing starts in February were above expectations - especially strong for single family starts - and starts for December and January were revised up. A strong report. I'll have more later ...
Posted by Bill McBride on 3/16/2016 08:39:00 AM