by Calculated Risk on 3/20/2012 08:30:00 AM
Tuesday, March 20, 2012
Housing Starts decline slightly in February
From the Census Bureau: Permits, Starts and Completions
Housing Starts:
Privately-owned housing starts in February were at a seasonally adjusted annual rate of 698,000. This is 1.1 percent (±15.9%)* below the revised January estimate of 706,000 (revised up from 699,000), but is 34.7 percent(±16.7%) above the February 2011 rate of 518,000.
Single-family housing starts in February were at a rate of 457,000; this is 9.9 percent (±11.4%)* below the revised January figure of 507,000. The February rate for units in buildings with five units or more was 233,000.
Building Permits:
Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 717,000. This is 5.1 percent (±1.2%) above the revised January rate of 682,000 and is 34.3 percent (±3.1%) above the February 2011 estimate of 534,000.
Single-family authorizations in February were at a rate of 472,000; this is 4.9 percent (±1.2%) above the revised January figure of 450,000. Authorizations of units in buildings with five units or more were at a rate of 219,000 in February.
![Total Housing Starts and Single Family Housing Starts](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYMIWQSkhF02HuynL6GlHRQj9i618Vj6vRFVD2hqESWQgGmGogMjS9fBwBH_PFrj4O3sB8ItmfwHBnBDcGV0cbrji9Jj_n3eEqtDuzH6o_ImXAj_tUi_ZwNhw2jxyiWaFapWF6/s320/StartFeb2012.jpg)
Total housing starts were at 698 thousand (SAAR) in February, down 1.1% from the revised January rate of 706 thousand (SAAR). Note that January was revised up from 699 thousand.
Single-family starts declined 9.9% to 457 thousand in February. Permits moved higher, so single family starts will probably increase in March.
The second graph shows total and single unit starts since 1968.
![Total Housing Starts and Single Family Housing Starts](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEis027c0S6n6CDYcJKWU-AD4J1ab_NeC7GHKSjPNGfezh5q1X47Ylc1OxnNbiYxD_MhZiBUwHfYoV2RGbI2zFvH3Anu4AlZVYBgRWJekmdCpbMvXySW-qibT5KymhPscma0pJoO/s320/StartLongFeb2012.jpg)
This was slightly below expectations of 700 thousand starts in February.