Builder Confidence Holding Mostly Steady in February
Starts Fell, But Residential Permits Hit Four-Year High in January
A double-digit dip on the typically volatile multifamily side brought nationwide housing starts down 8.5% to a seasonally adjusted annual rate of 890,000 units in January, according to government data released on Feb. 20. Meanwhile, issuance of permits for new-home construction rose 1.8% to 925,000 units – the quickest pace since mid-2008. Drilling down to the specifics, single-family housing starts were virtually unchanged in January from an improved pace in the previous month, registering a 0.8% gain to 613,000 units. This was the strongest pace of single-family housing production since July 2008.
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- Joanne Loftus