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U.S. residential construction backslides in February

Multifamily permits are only bright spot in otherwise dismal month's performance.


The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for February 2015:

BUILDING PERMITS
Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,092,000. This is 3.0 percent (±1.7%) above the revised January rate of 1,060,000 and is 7.7 percent (±2.0%) above the February 2014 estimate of 1,014,000.

Single-family authorizations in February were at a rate of 620,000; this is 6.2 percent (±0.9%) below the revised January figure of 661,000. Authorizations of units in buildings with five units or more were at a rate of 445,000 in February.

HOUSING STARTS
Privately-owned housing starts in February were at a seasonally adjusted annual rate of 897,000. This is 17.0 percent (±9.5%) below the revised January estimate of 1,081,000 and is 3.3 percent (±12.5%)* below the February 2014 rate of 928,000.

Single-family housing starts in February were at a rate of 593,000; this is 14.9 percent (±10.0%) below the revised January figure of 697,000. The February rate for units in buildings with five units or more was 297,000.

HOUSING COMPLETIONS
Privately-owned housing completions in February were at a seasonally adjusted annual rate of 850,000. This is 13.8 percent (±9.0%) below the revised January estimate of 986,000 and is 1.8 percent (±11.7%)* below the February 2014 rate of 866,000.

Single-family housing completions in February were at a rate of 595,000; this is 12.1 percent (±10.0%) below the revised January rate of 677,000. The February rate for units in buildings with five units or more was 236,000.

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