Privately owned housing starts in February were at a seasonally adjusted annual rate of 1.85 million, down 4 percent from the revised January estimate of 1.93 million, according to estimates reported today by the U.S. Commerce Department’s Census Bureau.
February’s pace, however, is 13.1 percent above the February 2003 rate of 1.64 million.
Single-family housing starts in February 2004 were at a rate of 1.49 million, 4.1 percent below the January figure of 1.55 million. The February estimate for units in buildings with five units or more was 336,000.
Construction of new homes and apartments decreased in the South by 10.6 percent and in the West by 7.5 percent from January’s rate, while the Northeast and Midwest posted increases of 25.3 percent and 7.1 percent, respectively, according to the National Association of Home Builders.
“Weather put a crimp in housing activity in the West and South, but favorable market conditions continue to bode well for the future. The interest rate structure is even more favorable than earlier in the year, and with house price performance remaining solid and continued increases in household formations, we expect housing to remain strong,” said NAHB Chief Economist David Seiders. “Indeed, housing starts for 2004 could equal or surpass the excellent performance of 2003 if interest rates are well-behaved as this year progresses.”
Privately owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1.9 million, down 1.5 percent from the revised January rate of 1.93 million units, but 6.6 percent above the February 2003 estimate of 1.79 million units.
Single-family authorizations in February were at a rate of 1.5 million, up 0.1 percent from the January figure of 1,507,000.
Authorizations of units in buildings with five units or more were at a rate of 315,000 in February.
Privately owned housing completions in February were at a seasonally adjusted annual rate of 1.71 million, according to estimates released jointly today by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. This is 0.2 percent above the revised January estimate of 1.7 million and 2.3 percent above the February 2003 rate of 1.67 million.
Single-family housing completions in February were at a rate of 1.45 million, an increase of 0.3 percent from the January figure of 1.44 million. The February rate for units in buildings with five units or more was 231,000.
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