The U.S. Census Bureau and the Department of Housing and Urban Development have recently announced new residential construction statistics for February 2014. According to the data, building permits for privately-owned housing units in February were at a seasonally adjusted annual rate of 1,018,000, up 7.7 percent from the revised January rate of 945,000. Compared to a year ago, the rate was 6.9 percent above the February 2013 rate of 952,000. Building permits for single-family housing in February were estimated at 588,000, down 1.8 percent from the revised January rate of 599,000. Building permits for units in buildings with five units or more in February were at a rate of 407,000.
In February, privately-owned housing starts were at an adjusted rate of 907,000, down a slight 0.2 percent from January’s revised estimate of 909,000 and down 6.4 percent from the February 2013 rate of 969,000. Single-family housing starts were at a rate of 583,000 in February, up 0.3 percent from the revised January rate of 581,000. For units in buildings with five units or more, the February rate was 312,000.
As for housing completions, the February rate for privately-owned housing was at a seasonally adjusted annual estimate of 886,000, an increase of 4.4 percent from January’s revised rate of 849,000, and up a significant 21.9 percent from the February 2013 estimate of 727,000. Single-family housing completions were at a rate of 631,000 for February, putting it 4.0 percent above January’s revised rate of 607,000. The housing completion rate for units in buildings with five units or more was at 246,000 in February.
For more information, click here to read the full U.S. Census Bureau/U.S. Department of Housing & Urban Development Press Release.