by Calculated Risk on 3/18/2014 08:30:00 AM
Tuesday, March 18, 2014
Housing Starts at 907 Thousand Annual Rate 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 907,000. This is 0.2 percent below the revised January estimate of 909,000 and is 6.4 percent below the February 2013 rate of 969,000.
Single-family housing starts in February were at a rate of 583,000; this is 0.3 percent above the revised January figure of 581,000. The February rate for units in buildings with five units or more was 312,000.
emphasis added
Building Permits:
Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,018,000. This is 7.7 percent above the revised January rate of 945,000 and is 6.9 percent above the February 2013 estimate of 952,000.
Single-family authorizations in February were at a rate of 588,000; this is 1.8 percent below the revised January figure of 599,000. Authorizations of units in buildings with five units or more were at a rate of 407,000 in February.
![Total Housing Starts and Single Family Housing Starts](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBAYD_KX-h3wh-_ZCx4Rlh0sCgXgcP2UWCidExuDjFXZGH65_EMzwcRZ2pC_zCoMuA5BIk_dOXefBsa-3rI2cWS_8kFBNBwX5D7f3rxH0T_X9HOIOrSp7ODwpvEVi2ynkGkhsZ/s320/StartsShortFeb2014.jpg)
The first graph shows single and multi-family housing starts for the last several years.
Multi-family starts (red, 2+ units) decreased slightly in February (Multi-family is volatile month-to-month).
Single-family starts (blue) increased slightly in February.
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/AVvXsEhV2x1kP3yZYW7H054IwbtGlDOje3GSYqli7f3Y0KEHcIcIYNt1pmB_zqg8CrYCVE0HECiiGybd73MoXJ0lWzK1qjAT4k-aNO4ywvWwSNQaigYg6h2JpgJcPZJjaXCxdOHjWdbE/s320/StartsFeb2014.jpg)
This was below expectations of 915 thousand starts in February. Note: Starts for January were revised up to 907 thousand from 880 thousand. I'll have more later.