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U.S. Housing Starts Gain Momentum

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U.S. housing starts picked up the pace in February, increasing 6.8% over January to a seasonally adjusted annual rate of 1.769 million, according to the U.S. Census Bureau and U.S. Dept. of Housing and Urban Development monthly new residential construction report.

Single-family starts in February were at a rate of 1.215 million, up 5.7% over January, while multi-family starts (five units or more) were 501,000, up 0.8%.

The February numbers top any monthly numbers in 2022, when annual housing starts hit 1.6 million. Housing starts had dropped 4% in January from December.

Housing building permits were at a seasonally adjusted rate of 1.859 million, down nearly 2% from January. Single-family permits were 1.207 million, off 0.5%, while multi-family was 597,000, down 4.5% from January.

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