Housing starts decreased to a seasonally adjusted annual rate of 1.421 million in February, according to the U.S. Census Bureau. The decrease was 10.3% below the revised January estimate of 1.584 million and is 9.3% below the February 2020 rate of 1.567 million. Single-family home starts fell 8.5% from last month.
Housing starts were mixed across the country, falling in the Midwest (-34.9%), Northeast (-39.5%) and South (-9.5%), but rising in the West (17.6%).
New building permits were 1.682 million in February, 10.8% lower from the previous month but 17.0% higher year-over-year. Single-family building permits decreased 10.0% from the revised January figure.
Housing completions were at a seasonally adjusted annual rate of 1.362 million. This is 2.9% above the revised January estimate of 1.324 million and is 5.0% above the February 2020 rate of 1.297 million.
Read the Census release.